Financial service and banking groups ICICI Bank, IL&FS and Kotak Mahindra Bank have taken a 3.55 per cent, 5 per cent and 1 per cent equity stake respectively in the country's biggest commodity exchange, Financial Technologies' Multi Commodity  Exchange of India Ltd (MCX).

The three groups are acquiring the MCX stake directly from its parent Financial Technologies at an enterprise valuation of $1 billion to $1.1 billion.

Congratulating ICICI Venture and MCX on this equity deal, Mr.

"I am happy that ICICI Venture is partnering with Financial Technologies in its highly successful venture, MCX," said K V Kamath, managing director and CEO, ICICI Bank Ltd. "FT is creating next generation financial markets within India and globally, where the benefit of technology and price transparency empowers the masses to benefit from globalization," he noted

Kamath also said that it was ICICI Bank's philosophy to partner with growth-oriented companies that seek to leverage technology and the power of markets for economic transformation, and this investment is a great example of such a partnership.

"Over the last few years, commodities futures market in India has experienced an unprecedented growth in terms of the number of modern exchanges, commodities allowed for derivatives trading and the value of futures traded," said said Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank Ltd..

"Among all this, MCX has demonstrated leadership by creating a scalable and technologically sound commodities trading exchange. We value MCX's vision of converting India into global hub in major commodities in the economy."

Ravi Parthasarthy, managing director and CEO of ILFS said, "The strategic tie-ups underscore the global acknowledgement of MCX as a strategic player on the world's commodity stage. ILFS participation to the list of shareholders in MCX highlights the direction which Indian commexes are taking towards adoption of global best practices and infrastructure development and speaks for a quality team and the professionalism in executing a world class project from conception to a benchmark in itself."

Shareholders in MCX include Merrill Lynch, Citigroup, Fidelity International, State Bank of India, State Bank of Hyderabad, State Bank of Indore, State Bank of Saurashtra, State Bank of Patiala, State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner & Jaipur, SBI Life Insurance Co Ltd., HDFC Bank, National Stock Exchange, NABARD, Canara Bank, Bank of India, Union Bank of India, Bank of Baroda and Corporation Bank.