Two Indian exchanges – Anil Dhirubhai Ambani Group-promoted Indian Commodity Exchange (ICEX) and Metropolitan Stock Exchange (MSE) – are in initial talks for a merger. For ICEX, a merger will enable it to get access to readymade stock market platform.
ICEX clocks an average daily turnover of around Rs 200-300 crore which is around 1% of the overall commodity derivatives market turnover.
ICEX is on the growth trajectory of very strong financial foundation. Our net-worth is well above the mandated criteria and after merger with erstwhile NMCE (National Multi-Commodity Exchange), the net worth has increased substantially to sustain its business on its own. The exchange has witnessed 10x growth in volumes of Diamond contracts compared to last year,” ICEX said.
Essar Steel has posted healthy EBIDTA (earnings before interest, tax, depreciation and amortisation) of around Rs 2,000 crore during the insolvency period and the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed..
ArcelorMittal will pay nearly Rs 50,000 crore for Essar Steel buyout, an upfront payment of Rs 42,000 crore to settle debt and a further Rs 8,000 crore for capital injection into the company. ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.
The Essar Steel acquisition will give ArcelorMittal control of India’s largest single-location flat steel mill in Hazira, Gujarat, with a nameplate capacity of 10 million tonnes per annum. The asset also has two iron ore pelletisation plants, at Visakhapatnam and Paradip, and a downstream steel hub in Pune, close to a automobile manufacturing hub.
Tata Technologies has inked a pact with China’s FutureMove Automotive to develop connected mobility solutions for automotive manufacturers in China and other markets. The companies signed a MoU on the sidelines of the Shanghai Motor Show 2019.
Through the agreement, the two companies will integrate technologies, products, solutions, and resources to respond to demands within the automotive industry.
Tata Technologies has strong capabilities in delivering end-to-end vehicle programmes. With over 9,000 professionals, the company serves clients in 27 countries from its 17 global delivery centres across Asia-Pacific, Europe, and North America. On the other hand, FutureMove Automotive, with its digital and mobility services, is a strategic partner to Tata Technologies’ customers in Mainland China, Hong Kong, Macao and the US.
We are selling unlisted shares of Indian Commodity Exchange (ICEX) at attractive rates. ICEX is SEBI regulated online Commodity Derivative Exchange. The exchange launched world’s first ever Diamond derivative contracts in August 2018.