Mumbai: Indiabulls Financial Services (IBFSL) is thinking of establishing a special purpose vehicle (SPV) in cooperation with Metals and Minerals Trading Corporation Ltd (MMTC) for a commodity exchange.

According to the announcement made to the stock exchange, Indiabulls and MMTC would hold 74% and 26% equity respectively in the special purpose vehicle (SPV). Both the firms will jointly invest around Rs 100 crore in the equity capital of the SPV.

But, when contacted, senior trade ministry official said, “We have not received any proposal as yet regarding setting up of a new commodity exchange. We will consider the possibility as and when we receive such intimation to do so.”

MMTC is the nation’s biggest global trading house, which have annual trading proceeds of $4 billion whereas Indiabulls is a top financial services corporation with $4 billion market capital and a net value of $1 billion.

The move comes after when the three-year suspension places by the administration for allowing any new national level exchanges has passed away.

Presently, India has three national level commodity exchanges and 21 regional exchanges. MCX is the biggest commodity exchanges that mainly concentrated on metals and energy products, and it has brought out various new futures in recent times.

The other most important exchange, NCDEX, is a substantial stage for agri-commodities, but has suffered a drop in volumes because of the administration prohibition on various agri-futures. The third bourse, NMCE, which is based in Ahmedabad has reported low volumes.

IBFSl with its huge customer base and nationwide distribution network will harmonize the MMTC’s global trading know-how crosswise a diverse products range and leverage on its current warehousing potentialities.