Reliance Capital, a part of the Reliance Anil Dhirubhai Ambani Group, has forayed into the commodity futures exchange business.
Reliance Exchangenext (R Next), a subsidiary of Reliance Capital, has acquired 26% stake in Indian Commodity Exchange (ICEX) from Indiabulls Financial Services.
ICEX is a screen based on-line derivatives exchange for commodities.
R Next has already received necessary regulatory approvals for completing this transfer and being an anchor investor in ICEX.
R Next president and CEO Rajnikant Patel said they see a huge potential in the commodity market space, and with this, they plan to develop an integrated and transparent national electronic commodity market place.
"ICEX has pedigreed investors and we look forward to working with them for taking ICEX to next level of growth," Patel added.
Patel has been inducted as a whole time director in ICEX.
R Next has already set up national commodity spot exchange through its wholly-owned subsidiary Reliance Spot Exchange (RSX).