Indiabulls ties up with MMTC to create agri-bourse

Indiabulls, the financial services house that has interest in stock broking, financial distribution, real estate, is now set to enter the commodity exchange business. It is tying up with MMTC, one of the largest international non-oil trading companies in India. The bourse will mainly target the agricultural commodity space. While MMTC will hold 26 % stake in the bourse, Indiabulls will take up the rest 74 %. The initial equity base will be of Rs. 100 crores. The move comes at a time when the three-year moratorium put by the government for licensing any new national level exchanges expired.
At present there are three national level commodities bourses viz. Multi Commodities Exchange (MCX) , National Commodities and Derivatives Exchange (NCDEX) and Ahmedabad based NMCE , the oldest national exchange.