Commodity Online
MUMBAI: HDFC Bank is all set to enter commodity exchange sector by applying to Reserve Bank of India for buying ten percent stake in proposed MMTC-Indiabulls promoted commodity exchange.

Talking to reporters MMTC Chairman and Managing Director, Sanjiv Batra said, HDFC Bank has applied for ten percent stake in the proposed commodity exchange, which will be operational by March 2009.

Indiabulls would have 40 percent stake and MMTC 26 percent in the proposed project. Besides MMTC, employees will have 2 percent stake in the exchange, said Batra.

HDFC bank, which has around 444 branches across the country, holds two percent stake in MCX. Indian Potash Ltd (IPL) would be the fourth partner and would hold 10 percent stake in the exchange, he added.

The proposed exchange would be set up in Gurgaon, becoming the fourth commodity exchange at national level, after MCX, NCDEX and NMCE. The country has 22 commodity exchanges, including three national bourses, and their combined turnover in 2007-08 fiscal stood at Rs 40,65,989 crore.

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