Part of Reliance Capital, ADAG`s financial arm, Reliance Money has sought permission to buy an additional 16% in the National Commodity Exchange of India (NMCE), reports Business Standard.
Reliance Money has acquired 10% stake earlier and now, it is looking for approval from the Forward Markets Commission and Ministry of Consumer Affairs for an additional 16% stake in NMCE within 3 months.
Reliance Money has proposed to invest Rs 260 million through acquisition of the 26% stake in NMCE in two phases. The company has received approval from the Ministry of Consumer Affairs to acquire a 10% stake in the NMCE Board.
Source: My Iris