Reliance Money, a unit of Reliance Capital and part of the Anil Dhirubhai Ambani group, has sought permission to acquire an additional 16% stake in the National Multi-Commodity Exchange (NMCE).

Last month, Reliance Money picked up 10% stake in NMCE and now the firm is seeking approval from the Forward Markets Commission (FMC) and Ministry of Consumer Affairs for an additional 16 per cent stake in NMCE within the next three months.

Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, has informed that it has obtained approval from Ministry of Consumer Affairs to acquire a 10% stake in the National Multi-Commodity Exchange of India (NMCE) Board.

The latest development will mark company’s foray into the national commodity exchange space that is expected to cross an annual turnover of Rs 74 lakh-crore (volume) by next year.

Birla Sun Life Asset Management Company has rolled out a commodity focused fund in the Indian market.

This will be the first commodity-focused fund from Birla Sun Life AMC. The primary investment objective of the scheme is to provide long term capital appreciation by investing in securities of domestic and overseas commodity firms.

Due to constant governmental pressure, JSW Steel, a part of $4 billion O.P. Jindal Group,