Oman Investment Fund and an anonymous hedge fund have agreed to buy India’s NSE (National Stock Exchange) stakes in the National Commodity & Derivatives Exchange (NCDEX) in a deal that would value NCDEX at 7 billion rupees, said Reuters citing an Economic Times Report.
Oman Investment Fund (OIF) is a sovereign wealth fund owned by the Oman government. The report has left the hedge fund unnamed.
If the deal is through, then it would mark the entry of a sovereign fund into India's seven-year-old commodity futures market.
The OIF is expected to pick up 5% from NSE even as the hedge fund would buy 1.1% stake at Rs.145 rupees a share. This is the price that Renuka Sugars paid to buy 7 percent in NCDEX from Crisil last year.
The exchange has an annual turnover of 1 trillion rupees.
Source: Commodity Online