Accordingly, Merrill Lynch & Citigroup acquires 5 per cent stake each in Multi Commodity Exchange of India Ltd (MCX) from Financial Technologies (India) Ltd, said the latter in a release issued to the Bombay Stock Exchange here on Friday. 

In addition, Financial Technologies also signed definitive Agreements with Passport India Investment (Mauritius) Ltd and GLG Financials Fund for sale of a 3 per cent and 2 per cent stake, respectively, in MCX.

Till now, MCX received valuation ranging from US$1.0 billion to US$1.1 billion for the above transactions. These investments from strategic international partners will provide Indian commodity markets and MCX access to global know how, best practices, domain knowledge and technology — making them more efficient, competitive, transparent and among the most respected institutions globally, the release said.

Financial Technologies, which is the promoter of MCX, plans to invest proceeds in green field ecosystem ventures such as — National Spot Exchange Ltd (NSEL), National Bulk Handling Corporation Ltd (NBHC) and others towards the development of complete value chain.

The company, as a part of its strategy, divests its stake in its ventures to key partners that can help propel the growth of its ventures to the next level, it added.