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Citigroup, Merrill Lynch, and two other investors have invested nearly $160 million (Rs 645 crore) in in the Multi Commodity Exchange (MCX) of India. Citi and Merrill have picked up five per cent each in the Indian commodity market exchange, while Passport Capital and GLG Partners have acquired three and two per cent, respectively.
The MCX has a daily average trading volume of about Rs 10,000 crore ($2.5 billion). "These investments from strategic international partners will provide Indian commodity markets and MCX access to global know-how, best practices, domain knowledge and technology," said a statement from Financial Technologies, which owns MCX.
Fidelity International had picked up nine per cent stake in MCX last year for $49 million (at a valuation of $518 million). The current deal values MCX at $1.06 billion.
Following this, in July last year, global investment bank Goldman Sachs acquired a seven per cent stake in National Commodity and Derivatives Exchange Ltd (NCDEX) for around $23.1 million (Rs 106 crore) from one if its owners ICICI Bank.