Airtel’s Akhil Gupta invests in Anil Ambani’s commodity bourse

Bharti Airtel group veteran Akhil Gupta has become an investor in Indian Commodity Exchange (ICEX), part of Anil Ambani-led Reliance Group, buying a five per cent stake in the bourse valuing it at Rs 200 crore.

Gupta and another Delhi-based investor, Vijay Sharma of BN Enterprises, have bought five per cent each in ICEX in personal capacity from state-run MMTC ahead of a rights issue being launched by the exchange tomorrow, sources said. With the latest share transfer, MMTC's stake has come down from 26 per cent to 16 per cent in the bourse, where Reliance Group firm Reliance Exchangenext Ltd is the anchor investor.

The transaction has given a valuation of Rs 200 crore which is currently on a revival path. Addressing the shareholders of Reliance Capital on September 30, 2015, Chairman Anil Ambani had said the company was at an advanced stage of relaunching ICEX and expected to grow the business in a significant manner with a target to attain leadership position within three years.

Through the proposed rights issue, ICEX is looking to raise Rs 50 crore and the much needed capital would be infused in the exchange to re-start its operations. The rights issue would be completed by the first week of February. Sources said that Gupta can play an active role in working with Reliance Capital team led by Sanjit Prasad, who was formerly with leading commodity bourse MCX, to get ICEX operational.

This is the second investment by Gupta after an investment along with US-based private equity major KKR made in the leading asset reconstruction company International Asset Reconstruction 

Co (IARC).