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.
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.