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    IFFCO acquires 1.12 per cent stake in NCDEX for about Rs 10 crore

    Synopsis

    Cooperative major IFFCO has increased its stake in commodity exchange NCDEX by buying a 1.12 per cent stake from Renuka Sugars for about Rs 10 crore.

    PTI
    NEW DELHI: Cooperative major IFFCO has increased its stake in commodity exchange NCDEX by buying a 1.12 per cent stake from Renuka Sugars for about Rs 10 crore. IFFCO's stake in National Commodity & Derivatives Exchange Ltd (NCDEX) has now reached 10 per cent. Last week, leading sugar firm Shree Renuka Sugars Ltd sold a 7.5 per cent stake in NCDEX to investors, including the National Stock Exchange of India (NSE) and Indian Farmers Fertiliser Cooperative Ltd (IFFCO), for Rs 66.54 crore.

    "We have bought 1.12 per cent stake in NCDEX at Rs 175 per share," a senior IFFCO official said. Of the stake sold by the sugar major, 5 per cent was acquired by the NSE, an original promoter of NCDEX. Renuka Sugars sold a 1.12 per cent stake to IFFCO and another 1.38 per cent to Star Agriwarehousing and Collateral Management.

    Following the transaction, Renuka Sugars holds 5 per cent in NCDEX, the country's second-largest commodity exchange. NSE is now the largest shareholder in NCDEX with a 15 per cent stake, followed by Life Insurance Corporation of India and National Bank for Agriculture and Rural Development, with 11.1 per cent each.

    IFFCO and Oman India Joint Investment Fund have a 10 per cent stake each in NCDEX. IFFCO is the largest soil nutrient producer in the country, with an annual output of 4.4 million tonnes of urea and 4.3 million tonnes of complex fertilisers.

    Besides, IFFCO owns shares in Indian Potash Ltd, Industries Chimiques du Senegal, Oman India Fertiliser Company in Oman and Jordan India Fertiliser Company. The company is also present in the insurance sector through a joint venture firm, IFFCO-Tokio General Insurance Ltd.




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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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