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IEX plans to acquire 15% stake in Reliance ADAG platform ICEX
The Indian Energy Exchange (IEX), the power trading platform, is planning to acquire a 15 per cent stake in the Reliance ADAG-anchored Indian Commodity Exchange (ICEX) for Rs 150 crore, according to people in the know. The sources said talks between the two are in an advanced stage but the closing of the deal could take some time because of regulatory hurdles.
The IEX is not yet recognised as a stock exchange and, hence under the current law, it can only pick a 5 per cent stake in the ICEX.