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.

Reliance ADAG is the first large business group to get into the commodity exchange space in India. The company had proposed to acquire a total of up to 26% stake in NMCE in two phases.

NMCE is the oldest of the country’s three national commodity derivatives exchanges, with a good presence in the black pepper, rubber and raw jute futures trading.

Apart from this, the company is also set to leverage its wide distribution network of 10,000+ outlets across 5,165 cities and towns to add value to NMCE.