Indian Farmers Fertiliser Cooperative (IFFCO) has acquired an equity stake in the newly set up Universal Commodity Exchange (UCX). UCX, the latest national level multi-commodity exchange to receive government approval, is a private initiative by Mumbai-based IT People (India) Ltd.
IFFCO is the largest producer and marketer of fertilisers in the country with a strong team of approximately 40,000 co-operative societies representing over 50 million farmers across the country supported by 158 farmers service centres (FSC).While UCX will be a full-fledged online multi-commodity exchange for trading in futures and derivatives markets in bullion, agricultural commodities, metals, energy etc.
Bytes:-
UCX has also sold stakes to grain marketing company Hafed and Rashtriya Chemicals and Fertilisers besides IFCI Venture Capital Fund. Netherlands-based Rabobank is also reported to have picked up a 5 per cent stake in the exchange.
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