Oman Investment Fund (OIF), a sovereign wealth fund (SWF) owned by the Omani government, may buy close to 5% in upcoming Universal Commodity Exchange (UCX), making it the first investment by an SWF in a local commodity bourse and reflecting the growing interest of foreign investors in India's nascent commodity futures market.
The deal, if completed, will value the yet-to-be-launched UCX at Rs 400-500 crore, around 30% lower than that of NCDEX, India's second-largest commodity exchange (commex), promoted by Delhi-based broker Jaypee Capital Services and leading sugar refiner Shree Renuka Sugars .
"OIF has completed the due diligence process and will bring the money in shortly," said a person with knowledge of the development. "There seemed to have been some differences over valuation but these have been sorted out with each UCX share likely to change hands at a premium of Rs 30-40 to the face value of Rs 10, or Rs 20-25 crore," he added.
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