IDFC, Kribhco to buy 5% each in ICE

Infrastructure financing company IDFC and fertiliser co-operative Kribhco will buy 5 per cent each in the India Commodity Exchange (ICE).

"We have two new partners with Kribhco and IDFC picking up 5 per cent equity stake each in ICE, fulfilling the FMC regulation," MMTC Chairman and Managing Director Sanjiv Batra said here.

State-owned trading major MMTC, along with Indiabulls, are the main promoters of the ICE.

IDFC and Kribhco would seek the permission from commodities market regulator FMC in a week for stake purchase, Batra said, adding, that the exchange, however, would take some more time to become operational.

"Our objective was to make the exchange operational by Diwali, but now it seems a difficult proposition. The exchange is likely to start in a few months," he said.

Initially, gold, silver, non-ferrous metals and gas will be traded on the ICE, though the trading of farm items may "take some time", Batra said.