HDFC Bank picks up stake in MCX

HDFC Bank has picked up equity stake in Multi-commodity Exchange of India (MCX).

The exchange officials declined to divulge details, but said HDFC Bank has picked up substantial stake in the commodity exchange.

"The idea is not to offload the stake to the bank, but to take advantage of each other," officials said.

Jignesh Shah, MD of MCX, said: "The partnership will bring substantial intensity and thrust to the Indian commodities and agriculture market. The inherent strengths of HDC Bank, coupled with MCX's initiatives, will definitely result in a win-win situation."