Reliance Cap buys 26% Indiabulls stake in ICEX

Reliance Capital, the financial arm of Reliance Anil Dhirubhai Ambani Group, has acquired 26% stake in Indian Commodity Exchange Limited (ICEX) from Indiabulls Financial Services Limited through its subsidiary Reliance Exchangenext Limited (R Next) for an undisclosed amount to become the anchor investor of the exchange.

ICEX is a screen based on-line derivatives exchange for commodities, promoted by public sector MMTC Ltd and Indiabulls Financial Services. Following the transaction, Indiabulls has been left with 14% stake in the exchange.

R Next has already received necessary regulatory approvals for completing this transfer and being an anchor investor in ICEX. Rajnikant Patel, President & CEO of R Next, has been inducted as a whole time director in ICEX. Patel is the former MD & CEO of Bombay Stock Exchange, who was roped in by Anil Ambani to grow the exchange business. Reliance Money already has at least 10% stake in National Multi-Commodity Exchange.