Comments
IDBI Bank has acquired 10 per cent stake in Universal Commodity Exchange (UCX), which is yet to start operations, for Rs 10 crore. UCX is promoted by Mumbai headquartered IT People that provide software solutions to capital and commodity markets.
As per commodity norms, IT People, promoted by Mr Ketan Sheth, has to reduce its stake in the exchange to 26 per cent from the 40 per cent within five years of its operations.
The commodity exchange had received an in-principle approval from the Forward Markets Commission (FMC), the commodity markets regulator, in August last year.
The strategic partnership will help IDBI Bank to strengthen its overall portfolio by including commodities, as this market is growing at a rapid pace across global markets, IT People said in an announcement on BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.