Reliance Capital - ICEX

ICEX

Commodity markets regulator FMC said it has given approval to the Anil Ambani Group to acquire 26 per cent stake in Indian Commodity Exchange (ICEX) from one of its promoters, Indiabulls group. "We have given permission to Anil Ambani Group to buy 26 per cent stake in ICEX from Indiabulls," Forward Markets Commission (FMC) Chairman B C Khatua said.At present, Indiabulls holds 40 per cent in ICEX, of which it wants to sell 26 per cent stake in the bourse to ADAG. MMTC has 26 per cent stake in ICEX, which is the country's fourth national commodity exchange launched late last year. "We entered the exchange business in late 2009. We have already started a spot exchange and have a 26 per cent stake in a commodities exchange," ADAG Group Chairman Anil Ambani had said yesterday at the AGM of group firm Reliance Capital. The Group had also announced its intention to enter all segments of the exchange business. Reliance Capital is already in the spot commodity space. Another group firm Reliance Money also has stake in the national commodity exchange NMCE.ICEX, a national-level commodity bourse, offers futures trading in 18 commodities, including bullion, metals and agricultural items. The exchange clocked a business of 130 billion (US$2.37 billion) in the first fortnight of September.

Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is one of India's fastest growing life insurance company and among the top 4 private sector insurers. Reliance General Insurance is one of India's fastest growing general insurance company and among the top 3 private sector insurers. Reliance Money is the largest brokerage and distributor of financial products in India with over 2.7 million customers and has the largest distribution network. Reliance Consumer finance has a loan book of over 89 billion (US$1.62 billion) at the end of December 2008.

Reliance Capital has a net worth of 72.5 billion (US$1.32 billion) and total assets of 223.4 billion (US$4.07 billion) as of December 31, 2008.

Reliance Capital is a constituent of S&P CNX Nifty and MSCI India and also features in the Forbes list of World’s largest 2000 public companies.

Reliance Securities, subsidiary of Reliance Capital achieved a pan-India presence with over 5,000 outlets and the average daily turnover had increased to 23 billion (US$418.6 million) in 2010.