ADAG gets govt nod for 26% stake in ICEX

The government is understood to have cleared the Anil Ambani group’s proposed acquisition of a 26 per cent stake in Indian Commodity Exchange (ICEX) from one of the promoters, Indiabulls group.

The Ministry of Consumer Affairs has given permission to the Indiabulls group to sell its 26 per cent stake in ICEX to ADAG group, a senior official said.

The ministry will soon communicate its decision to the commodity market regulator, Forward Markets Commission (FMC), the official added.

The ministry frames policy for the commodity futures market and the FMC oversees the functioning of four national and 19 regional exchanges.

Last week, FMC Chairman B C Khatua had said it had sent its comments on the ICEX application to the consumer affairs ministry. At present, Indiabulls holds 40 per cent, of which it wants to sell 26 per cent stake in the exchange to the ADA group.

MMTC has a 26 per cent stake in ICEX, the country’s fourth national commodity exchange launched late last year. ICEX, a national-level commodity bourse, offers futures trading in 18 commodities, including bullion, metals and agricultural items.