Merrill
28 Sep 2007
The operator of commodities exchange Multi Commodity Exchange of India Ltd (MCX), Financial Technologies India Ltd, today announced that Merrill Lynch and Citigroup had acquired a 5-per cent stake each in MCX, in a deal that values MCX at between $1 billion and $1.1 billion.
Financial Technologies will also divest a 3-per cent stake in MCX to Passport India Investment (Mauritius) Ltd and another 2 percent to GLG Financials Fund. The group plans to utilise the proceeds from the divestment to set up exchanges to support its plans to set up new ventures in India and abroad.
The proceeds would also utilised to strengthen two existing ventures promoted by Financial Technologies — the National Spot Exchange Ltd and National Bulk Handling Corp.
On 20 September MCX had announced its plans to promote India''s first national level power exchange, Indian Energy Exchange Limited (IEX) for trading electricity power exchange, along with PTC India Ltd (formerly known as Power Trading Corporation of India Limited). (See: Financial Technologies, PTC India promote Indian Energy Exchange Ltd, India''s first power trading exchange)
