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Friday, Mar 11, 2005

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HDFC Bank to pick 5 pc stake in MCX

Our Bureau

Mumbai , March 10

HDFC Bank has announced its strategic participation in the equity of Multi Commodity Exchange of India Ltd (MCX).

HDFC Bank would pick up equity stake of nearly 5 per cent in MCX, reliable sources said.

This move will help MCX to cement its position as the leading commodity exchange in the country and also strengthen its resolution to catapult India to the forefront of the global commodities map. The partnership between MCX and HDFC Bank will result in sustained benefits for all the participants in the commodities market.

HDFC Bank has over 444 branches spread over 202 cities across the country, which, coupled with over 4,000 terminals that MCX currently operates in around 400 cities, will create a huge platform that will enable both MCX as well as the bank to cross sell products and services for the benefit of the ultimate users.

Mr Jignesh Shah, Managing Director of MCX, said, "participation from a bank like HDFC Bank gives a tremendous fillip to our efforts to create greater opportunities and further fortify the existing commodity futures market".

Mr P.V. Ananthakrishnan, Vice-President - Commodities & Agri-business group, HDFC Bank, said the bank was keen to participate in building and upgradation of infrastructure in the commodities exchange and related business by making an investment in the equity capital of MCX.

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