Reliance Exchangenext (R Next), a wholly owned subsidiary of Reliance Capital, has acquired 26% stake in Indian Commodity Exchange Limited (ICEX) from Indiabulls Financial Services Limited on 03-Jan-2011.
ICEX provides online screen-based platform for commodity trading.
The CEO of Reliance Exchangenext Mr.Rajnikant Patel said "We see a huge potential in the commodity market space. With this, we plan to develop an integrated and transparent national electronic commodity marketplace"
Indiabulls Financial said it still holds 14% in ICEX after this deal.
The commodities exchanges in India traded goods worth $1.75 trillion (rising 51.4% over last year) during the period Apr 01 to Dec 15.
In 2008, Reliance Money another subsidiary of Reliance Capital, acquired 10% stake in National Multi Commodity Exchange of India Ltd (NMCEIL).
RELCAPITAL's closing price on NSE was 682.50 on 03-Jan-2011.
INDIABULLS's closing price on NSE was 177.30 on 03-Jan-2011.
