NewsCitigroup, Merrill invest in Indian commodity exchange
09/28/07 - newratings.com
NEW YORK, September 28 (newratings.com) – US financial giants Citigroup Inc (C) and Merrill Lynch Co (ML) and two other investors have invested nearly $160 million in the Multi Commodity Exchange (MCX) of India.
While Citigroup and Merrill Lynch have acquired a 5% stake each in the Indian commodity market exchange, Passport Capital and GLG Partners LP have acquired smaller stakes, Financial Technologies Ltd, the owner of the MCX, said on Friday. Passport Capital has bought a 3% stake in MCX and GLG Partners LP has purchased 2%. The MCX, which trades on average about Rs.100 billion ($2.5 billion) worth of commodities a day, said, "These investments from strategic international partners will provide Indian commodity markets and MCX access to global know-how, best practices, domain knowledge and technology."