ICICI Ventures to buy 5 pct stake in MCX - paper

MUMBAI (Reuters) - ICICI Ventures is close to buying a 5 percent stake in the Multi Commodity Exchange of India (MCX) and an announcement is expected soon, the Economic Times said on Sunday, quoting sources.

ICICI Ventures, a subsidiary of ICICI Bank, India's second-largest bank, will buy the stake from Financial Technologies, which controls MCX.

MCX, India's top commodities exchange, is located in Mumbai, and facilitates online trading, clearing and settlement operations for commodities futures across India.

Financial Technologies currently holds a 49 percent stake in MCX. Earlier this year, Merrill Lynch and Citigroup bought a 5 percent stake each in the exchange.