GAIL acquires IEX’s 5% stake in Indian Gas Exchange
The Indian Energy Exchange NSE 6.22 % (IEX) on Tuesday said state-owned GAIL (India) Ltd has acquired five per cent stake of the IEX in its arm Indian Gas Exchange (IGX).
However, the company did not divulge the details about the value of the transaction. Last month, Adani Total Gas and Torrent Gas had acquired five per cent stake each in the IGX. GAIL is the third strategic investor in IGX.
“IEX, India’s premiere electricity exchange has further divested 5 per cent equity stake in the IGX to GAIL (India) Ltd, India’s leading natural gas company,” the IEX said in a statement.
It added that the partnership between the IGX and GAIL is a significant development, which will go a long way and add robust value addition in development of the gas markets in the country.
S N Goel, chairman of IEX and director of IGX, said in the statement, “With strong impetus from the government to create a conducive policy and regulatory framework, gas markets are on the cusp of breakthrough growth. Competitive domestic gas markets are crucial to build a gas-based economy.”
In line, IGX is pro-actively working in collaboration with the stakeholders to build gas markets ecosystem in the country, he added.
