The company grew a whopping 21% in FY 2004-05. Apart from its 65% stake in Multi Commodity Exchange of India (MCX), FTIL also acquired a 76% stake in IBS-Forex and then set up FXDirect, the country's first indigenously developed electronic forex trading platform. Along with MCX, it also signed an MoU with NAFED to set up India's first electronic exchange for agricultural products. It has also joined hands with Dubai Metals and Commodities Center (DMCC), again with MCX in tow, to form the Dubai Gold and Commodity Exchange.