MMTC is rethinking decision to sell its residual 9.5% equity in ICEX

MMTC, the state-controlled trading company, is rethinking a previous decision to sell its residual 9.5 per cent equity in Indian Commodity Exchange Ltd (ICEX).

“We see promise in ICEX’s diamond futures business. This is the country’s only exchange in such transactions. MMTC will rope in a merchant banker to advise the company on retaining our equity in the exchange,” said an MMTC official.

Initially, MMTC had 26 per cent of the equity in the exchange but its stake had gradually shrunk. Last year, its board of directors had decided to sell off its 9.5 per cent stake, marking its exit from the