MUMBAI: There is hectic action happening in India's commodity exchanges these days. On Wednesday, Anil Ambani Group announced that Reliance Money's Director and CEO Mr Sudip Bandopadhyay is joining the board of National Multi-commodity Exchange (NMCE).
Bandopadhyay's induction comes in the wake of Reliance Money's decision to acquire up to 26 per cent stake in Ahmedabad-based NMCE, India's third largest national commodity exchange.
In a press statement, NMCE Managing Director Kailash Gupta said that the exchange is very pleased at the induction of Bandopadhyay in in the NMCE board. "We strongly believe that his experience will help us take NMCE to the next level," he said.
Commenting on his induction, Bandopadhyay said: “The strategic tie-up between NMCE and Reliance Money will help us utilise the vast potential of commodity trading business in India to its optimum”.
The NMCE board approved the decision in its meeting held here yesterday. Reliance Money is planning to enter the commodity market, which is estimated to grow to about Rs 75,00,000 crore by next year.
After the announcement, Reliance Money officials had declined to reveal the cost of acquisition, but said the deal would be inked within a month.
However, market sources had said the value of the deal would be around $25 million (Rs 100 crore), the amount Bombay Stock Exchange (BSE) doled out to pick up 26 per cent stake in NMCE last February.
NMCE is the first demutualised electronic multi-commodity exchange in the country. It commenced futures trading with 24 commodities in November, 2002 on a national scale and is the third biggest commodity exchange after MCX and NCDEX.
