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Reliance Money picks up stake in commodity exchange

Posted on 01 October 2008

From Calcuttanews.net: Anil Dhirubhai Ambani Group (ADAG) has become the first large business group to enter the commodity space by acquiring a 10 percent stake in the Ahmedabad-based National Multi-Commodity Exchange (NMCE), the company said.

The requisite approval has been obtained from the ministry of consumer affairs, it said. ‘Our foray into the national commodity exchange space - that is expected to cross an annual turnover of Rs.7.4 million crore ($1.8 trillion) in volumes by next year,’ said Sudip Bandyopadhyay, director and CEO of Reliance Money, an ADAg subsidiary….. Full Article: Source


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