IEX divests 4.9% stake in Indian Gas Exchange to IOCL

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New Delhi : Indian Energy Exchange (IEX) on Wednesday announced that it has divested 4.9% stake in Indian Gas Exchange Ltd to state owned oil marketing company Indian Oil (IOCL).

IEX has divested 4.93% equity stakes to IndianOil. IEX and NSE (National Stock Exchange) are promoters and other strategic investors in IGX include GAIL (India) Ltd, ONGC Ltd, Torrent Gas Pvt Ltd and Adani Total Gas Ltd.

“We are delighted to welcome IndianOil as a strategic partner in IGX. 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. We strongly believe that IndianOil will bring huge value through guidance and support to our new initiative of IGX. IndianOil with their huge expertise in gas sector will help add new products for Indian markets” S N Goel, Chairman and Managing Director, IEX and Director, IGX said.

Indian Gas Exchange (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. The Exchange cumulatively traded 6.5 million MMBtu equivalent to ~ 145 MMSCM of gas in the current financial year.

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