Reliance Exchangenext Limited (RNext), a subsidiary of Reliance Capital, a part of the Reliance Anil Dhirubhai Ambani Group, has acquired 26 per cent stake in Indian Commodity Exchange Limited (ICEX) from Indiabulls Financial Services Limited. ICEX is a screen-based on-line derivatives exchange for commodities. This was announced by Rajnikant Patel, President & CEO, RNext, here on Monday.
RNext has already received necessary regulatory approvals for completing this transfer and being an anchor investor in ICEX.
“We see a huge potential in the commodity market space. With this, we plan to develop an integrated and transparent national electronic commodity market place,” said Mr. Patel.
Mr. Patel has also been inducted as a whole time director in ICEX.
RNext has already set up national commodity spot exchange through its wholly-owned subsidiary — Reliance Spot Exchange (RSX). RSX, an electronic mandi that focuses on agri-commodities, offers an integrated solution of warehousing, collateral management, quality testing, assaying and grading and other value added services.
