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NYSE Euronext picks up 5% in MCX
MUMBAI: India is all set to shine in the global commodities bazaar. On Friday, NYSE Euronext (NYX), the world’s leading and most diverse financial market group, announced that it has signed a deal to acquire a 5% equity position in the Multi Commodity Exchange (MCX), India’s leading commodity exchange.
"The 5% equity investment is the maximum equity interest permitted by foreign investors in derivative exchanges under current Indian law. Closing of the transaction is expected to take place during the first half of 2008, subject to all relevant regulatory approvals," a joint NYX-MCX statement said.
“We believe that our investment in MCX will produce new business opportunities for NYSE Euronext in the commodities sector and deliver value to NYSE Euronext shareholders,” said Duncan L. Niederauer, NYSE Euronext Chief Executive Officer.
He said the transaction underscores "our long-standing commitment to India and is consistent with our strategic business goal of aligning NYSE Euronext with partners globally and diversifying our product portfolio.”
Commenting on the deal, Jignesh Shah, Managing Director and Chief Executive Officer of MCX said: “The milestone bears testament to the quality of the institution we have built where one of the best in India and the world converge. It is a statement on India’s economic standing and we are proud to be part of it.”
In addition to NYSE Euronext, other shareholders in MCX include: State Bank of India and its associates (SBI), National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India Ltd. (NSE), SBI Life Insurance Co. Ltd., Bank of India (BoI) , Bank of Baroda ( BoB ), Union Bank of India, Corporation Bank, Canara Bank, HDFC Bank, Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International, ICICI Ventures, IL&FS, Kotak group, Citigroup, Merrill Lynch and
Financial Technologies (India) Ltd.
Currently, there are 14 corporate listings from India on NYSE Euronext markets, 12 on the New York Stock Exchange and two on Euronext, whose combined total global market capitalization exceeds $110 billion.
MUMBAI: India is all set to shine in the global commodities bazaar. On Friday, NYSE Euronext (NYX), the world’s leading and most diverse financial market group, announced that it has signed a deal to acquire a 5% equity position in the Multi Commodity Exchange (MCX), India’s leading commodity exchange.
"The 5% equity investment is the maximum equity interest permitted by foreign investors in derivative exchanges under current Indian law. Closing of the transaction is expected to take place during the first half of 2008, subject to all relevant regulatory approvals," a joint NYX-MCX statement said.
“We believe that our investment in MCX will produce new business opportunities for NYSE Euronext in the commodities sector and deliver value to NYSE Euronext shareholders,” said Duncan L. Niederauer, NYSE Euronext Chief Executive Officer.
He said the transaction underscores "our long-standing commitment to India and is consistent with our strategic business goal of aligning NYSE Euronext with partners globally and diversifying our product portfolio.”
Commenting on the deal, Jignesh Shah, Managing Director and Chief Executive Officer of MCX said: “The milestone bears testament to the quality of the institution we have built where one of the best in India and the world converge. It is a statement on India’s economic standing and we are proud to be part of it.”
In addition to NYSE Euronext, other shareholders in MCX include: State Bank of India and its associates (SBI), National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India Ltd. (NSE), SBI Life Insurance Co. Ltd., Bank of India (BoI) , Bank of Baroda ( BoB ), Union Bank of India, Corporation Bank, Canara Bank, HDFC Bank, Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International, ICICI Ventures, IL&FS, Kotak group, Citigroup, Merrill Lynch and
Financial Technologies (India) Ltd.
Currently, there are 14 corporate listings from India on NYSE Euronext markets, 12 on the New York Stock Exchange and two on Euronext, whose combined total global market capitalization exceeds $110 billion.