ADAG eyes 26% stake in ICEX

Aiming to strengthen its presence in commodity trading business, Anil Ambani group is looking at acquiring 26 per cent stake in Indian Commodity Exchange (ICEX) from one of the promoters Indiabulls group.

Indiabulls has also approached sector regulator Forward Markets Commission (FMC) seeking its nod for sale of 26 per cent stake to ADAG firm Reliance Exchange Net.

When contacted, FMC Chairman B C Khatua told PTI that commodity market regulator has been approached by the ICEX, but it is yet to take any call on that.

ICEX Managing Director and CEO Ajit Mittal also confirmed talks with Reliance Exchange Net, but added that nothing has been finalised as yet.

However, sources said that Indiabulls has already agreed to sale and sought FMC's permission in an application yesterday. The issue is likely to come up for discussion tomorrow at a board meeting of ICEX, where nominees of another promoter MMTC would also be present.

MMTC has got 26 per cent stake, while Indiabulls has 40 per cent equity in the bourse, which was launched late last year.

A Reliance Capital spokesperson declined to comment.

"There have been some discussions with Reliance Exchange Net and Indiabulls with regard to a possible strategic alliance, to capitalise in the synergy for the development of the agri business on the ICEX platform," Mittal said.

"However, I am not confirming or denying the stake sale part. Nothing is final".

ADAG Group firm Reliance Capital is already in the spot commodity space. Its another firm Reliance Money has picked some stake in the national commodity exchange NMCE.

ICEX, a national-level commodity bourse, offers futures trading in 18 commodities including bullion, metals and agricultural items.