Reliance Money may acquire another 16 percent in commodity exchange

October 8th, 2008 - 6:49 pm ICT by IANS  

Mumbai, Oct 8 (IANS) The Anil Dhirubhai Ambani Group (ADAG)-promoted Reliance Money may get the nod to buy an additional 16 percent stake in the National Multi Commodity Exchange of India (NMCE), a top official said Wednesday.”After buying a 10 percent stake, we are working to get regulatory approval for another 16 percent stake. This would take around three months,” Reliance Money director and chief executive Sudip Bandyopadhyay told IANS.

Reliance Money bought 10 percent in NMCE last week.

Part of Reliance Capital, ADAG’s financial arm, Reliance Money had proposed to buy up to 26 percent in NMCE in two phases with the approval of the consumer affairs ministry, which manages the commodity futures trade in India.

NMCE’s major stakeholders include privately-run Neptune Overseas, and state-run Central Warehousing Corp.

Others include National Agricultural Cooperative Marketing Federation of India, Gujarat Agro-Industries Corp, Gujarat State Agricultural Marketing Board, and the National Institute of Agricultural Marketing.

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