IEX divests 4.93% equity stake in arm IGX to Indian Oil
Premium- IEX and NSE are promoters of IGX and other strategic investors include GAIL, ONGC, Torrent Gas and Adani Total Gas
India Energy Exchange (IEX) announced divesting 4.93% equity stake in its subsidiary Indian Gas Exchange (IGX) to oil marketing company Indian Oil Corporation (IOC). Indian Oil has joined the company as a strategic partner by acquiring stake from promoter IEX.
"IEX and IndianOil are pleased to announce IndianOil’s strategic equity stakes of 4.93% in Indian Gas Exchange Ltd. IEX has divested 4.93% equity stakes to IndianOil," the energy exchange informed in an exchange filing.
IEX and National Stock Exchange (NSE) are promoters of IGX and other strategic investors include GAIL (India) Ltd, ONGC Ltd, Torrent Gas Pvt Ltd and Adani Total Gas Ltd. IGX presently offers six delivery-based contracts for trading in gas including Day Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly) through five designated physical hubs including Dahej, Hazira, Dabhol, Jaigarh and KG Basin
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“IndianOil has diversified and significant presence across the oil, gas, petrochemicals, and fertilizer segments which augurs well in our joint endeavor to build the gas market in India aligned to the government’s vision of accelerating the share of gas in the energy mix to 15% by 2030. IndianOil with their huge expertise in gas sector will help add new products for Indian markets," said S N Goel, Chairman and Managing Director, IEX and Director, IGX.
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