Anil Ambani eyes stake in commodity bourse
Indian billionaire Anil Ambani's group plans to buy 26 percent of a local commodities exchange, signalling growing corporate interest in bourses where Goldman Sachs and IntercontinentalExchange have bought small stakes.
The Reliance Anil Dhirubhai Ambani Group (R-ADAG) plans to buy a stake in the Indian Commodity Exchange (ICEX), a leading bourse for trade in metals including gold, while Jaypee Capital wants to acquire 26 percent in the National Commodity and Derivatives Exchange, said the market regulator, whose approval is needed for stake sales in bourses.
R-ADAG's Reliance Money, a unit of Reliance Capital, will buy the stake from Indiabulls Financial Services Ltd, which owns 40 percent of ICEX, which was founded last year by state-run metals and farm commodities trader MMTC Ltd, two sources in Indiabulls said
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