The Hindu Business Line : Reliance Money to pick up stake in NMCE

Mumbai, July 11 Reliance Money, the broking and financial services arm of the Reliance Anil Ambani group, is in talks to acquire up to 26 per cent in the Ahmedabad-based National Multi Commodity Exchange (NMCE).

Confirming the development, Mr Kailash Gupta, Managing Director, NMCE, said a strategic deal with Reliance Money was indeed being considered, but the quantum of stake sale and the total investment would be decided in a week’s time. “There are a few regulatory issues which need to be sorted out,” he added.

Mr Sudip Bandyopadhyay, Chief Executive Officer, Reliance Money, said: “We would like to tap the exponential growth in the commodity space. It has more potential as the penetration levels are low.”

In the first quarter of the current fiscal, NMCE has recorded a turnover of Rs 8,916 crore, according to Forward Markets Commission data.

NMCE was launched on November 26, 2002 as the country’s first online de-mutualised, multi-commodity exchange with nationwide reach. NMCE offers an electronic platform for futures trading in commodities such as spices, food grains, non-ferrous metals, oilseeds and their derivatives.

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