India's Reliance Money has acquired 15 percent stake in Hong Kong Mercantile Exchange ,a top company official said on Tuesday.
Reliance Money is a subsidiary of Anil Dhirubhai Ambani Group's Reliance Capital Ltd. Anil Ambani is a successful Indian businessman. As of October 6th 2007, he has a net-worth of 42 billion U.S. dollars, making him the 6th richest person in the world.
With this holding, Reliance Money has become the first Indian firm to buy stake in an international exchange, according to the Indo-Asian News Service.
"Asia has emerged as a key market for global commodities but the region does not have a strong commodity exchange," Reliance Money director and chief executive Sudip Bandyopadhyay said.
The deal will make Reliance Money the second-largest shareholder in the HKMEx.
Earlier this month, Reliance Money received approval from the Indian Ministry of Consumer Affairs for acquiring 10 percent stake in the National Multi-Commodity Exchange of India. The company has said it may acquire up to 26 percent in NMCE.
"We plan to build synergies between both the exchanges thereby leveraging on the growth potential of commodity trading in India, China and the rest of Asia," Bandyopadhyay added.
Source: Xinhua
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