Gontermann-Peipers scraps commodity bourse plan

Kolkata-based Gontermann-Peipers (India) seems to be going back on its plan to set up a national commodity bourse, according to commodity markets regulator Forward Markets Commission (FMC).

"We had asked for more documents from Gontermann-Peipers in December 2010 as the proposal was incomplete. It has not yet submitted information. So, we believe the company has lost interest in the plan," FMC Chairman B C Khatua said.

Launching a new exchange is not an easy task, he said.

The Gontermann-Peipers (India), the largest manufacturer and exporter of cast and forged rolls, had submitted a proposal with FMC in September 2010 seeking permission to establish a national commodity bourse.

 

The company has plans to offer specially steel and metals futures trading on the proposed bourse.

At present, there are five national level commodity exhanges and 18 regional exchanges. Regional bourse NBOT has also sent a proposal to FMC seeking permission to upgrade itself into a national bourse.

BSE-listed, Gontermann-Peipers (India) (GPI) is the only Indian roll maker with both vertical and horizontal spin casting technology and enjoys a 40% market share in the Indian roll industry. GPI holds the number one position in India and ranks among the top 10 players in the world in the sector.

The share of the company traded lower by 4.50% to settle at Rs 19.10 on BSE.