Goldman Sachs acquires 7-per cent stake in NCDEX

Mumbai: US securities firm Goldman Sachs has acquired a seven-per cent stake in the National Commodity and Derivatives Exchange of India (NCDEX). The New York-based Goldman Sach bought the stake from ICICI Bank Ltd, for $330 million, reports said on Friday.

This is Goldman Sachs's biggest investment in India after the firm ended an Indian joint venture and set up a wholly owned investment banking and securities subsidiary in the country in March.

Goldman Sachs is into commodities trading worldwide. Global commodities trading totaled $460 billion for the year ended March 2006.

ICICI Bank, Life Insurance Corp, National Bank for Agriculture & Rural Development, and the National Stock Exchange each own 15 per cent of the commodity exchange.