Chennai, Feb 15 (UNI) NYSE Euronext (NYX), a leading and most diverse financial market group, today announced that it has signed a binding term sheet to acquire a five per cent equity position in the Multi Commodity Exchange (MCX), a leading commodity marketplace.
The five per cent equity investment was the maximum equity interest permitted by foreign investors in derivative exchanges under the current Indian law, a company release here said.
Closing of the transaction was expected to take place during the first half of 2008, subject to all relevant regulatory approvals.
''We believe that our investment in MCX will produce new business opportunities for NYSE Euronext in the commodities sector and deliver value to NYSE Euronext shareholders,'' NYSE Euronext Chief Executive Officer Duncan L Niederauer said.
''This transaction underscores our long-standing commitment to India and is consistent with our strategic business goal of aligning NYSE Euronext with partners globally and diversifying our product portfolio,'' he added.
MCX MD and CEO Jignesh Shah said ''the milestone bears testimony to the quality of the institution we have built where the best of India and the world converge. It is a statement on India's economic standing and we are proud to be part of it.'' UNI SNR GKT 1443