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Reliance Money buys stake in HK commodity exchange

Reliance Money buys stake in HK commodity exchange
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First Published: Tue, Oct 14 2008. 12 31 PM IST
Updated: Tue, Oct 14 2008. 12 31 PM IST
Reuters
Mumbai: A unit of Reliance Capital said on Tuesday it had bought a 15% stake in Hong Kong Mercantile Exchange for an undisclosed sum to become the second largest shareholder in the commodity exchange.
Hong Mercantile Exchange plans to start trading in the first quarter of 2009 by offering dollar-denominated oil contracts, Reliance Money, the broking arm of Reliance Capital, said in a statement.
“We believe that our deal will help us capitalise on the growing demand for commodities in this region,” said Sudip Bandyopadhyay, chief executive of Reliance Money.
The Indian firm owns 10% of the smallest Indian commodity derivatives exchange and has sought government approval to buy another 16%.
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First Published: Tue, Oct 14 2008. 12 31 PM IST