Monday, November 29, 1999

HAFED to buy 15 pct stake in Ahmedabad commodity bourse

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Haryana State Cooperative Supply & Marketing Federation Ltd (HAFED) will buy a 15 percent stake in the Ahmedabad Commodity Exchange (ACE), the state-run procurer said in a release on Thursday.ACE is seeking permission to become India' fifth national commodity bourse and is required to complete all necessary formalities by Aug. 13 to get final recognition, regulator Forward Markets Commission said on May 26.ACE is promoted by Kotak Group which bought 51 percent stake in the bourse in 2009 becoming the anchor investor and aiding upgradation of the regional castor exchange to a national multi commodity exchange.HAFED said in the release it has signed an agreement with Kotak Group in this regard. Kotak officials were not immediately available for comments.India has four functional national level bourses -- Multi-Commodity Exchange, National Commodity and Derivatives Exchange, National Multi-Commodity Exchange and Indian Commodity Exchange.(Reporting by Vikas Vasudeva; Editing by Ramya Venugopal)

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