MMTC seeks ally for JV to back comex

State-owned MMTC on Thursday invited bids for a joint venture majority partner to set up warehouses and logistic infrastructure to support its commodity exchange, which it plans to establish in tie-up with Indiabulls.

Seeking expression of interests both from national and international players, MMTC said the partner would be offered a majority stake in the joint venture company.

The JV, whose majority partner should have a net worth of Rs 100 crore, would develop, finance, construct, operate and maintain warehousing and logistics network across the country, the company said.

MMTC had announced plans in November last year to set up the country's fourth commodity exchange in partnership with Indiabulls Financials.

Developing a pan-India warehousing and logistics network is considered necessary for any commodity exchange for transacting physical delivery of goods. All the three national commodity exchanges have established such facilities.

Both NCDEX and MCX have subsidiaries - National Collateral Management Services and National Bulk Handling Corporation respectively - while the Central Warehousing Corporation is a promoter of the Ahmedabad-based NMCE.