the Epitome weekly- Newsletter

Issue: 0829| Tuesday, July 15, 2008

Reliance Money to take 26% in Commex for USD 25 mn

July 11, 2008

Anil Ambani’s Reliance Money has entered into an agreement with the third largest commodity exchange in India, National Multi-Commodity Exchange (NMCE), to pick up to 26% stake in the bourse. Six months earlier Bombay Stock Exchange (BSE) had picked up 26% in NMCE for Rs 100 crore and Reliance Money is expected to pay the same amount. Both the deals give NMCE a valuation of around Rs 400 crore (USD 100 mn).

Anil Ambani has found the business of commodities exchanges quite appealing, for some time now, along with other players such as Kotak Mahindra Bank and IndiaBulls. This deal will give Reliance ADAG a headstart rather than having to wait for about 2 years for the FMC approval and starting from scratch. Reliance Money will have two seats on the NMCE board.

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