Merrill, Citi pick up stake in MCXBS Reporter / Mumbai September 28, 2007Merrill Lynch and Citigroup have each picked up 5% stake in the Multi Commodity Exchange of India (MCX) from Financial Technologies (India), the latter has informed the Bombay Stock Exchange. MCX received valuation ranging from $1.0 billion to $1.1 billion for the transactions.The Indian government is in the process of finalising guidelines for foreign direct investment in the MCX. Fidelity already owns a 9% stake in the MCX."These investments from strategic international partners will provide Indian commodity markets and MCX access to global know how, best practices, domain knowledge and technology
