Indian Energy Exchange have executed a share purchase and shareholders agreement by and between IEX, IGX (subsidiary
Company of IEX namely, Indian Gas Exchange (IGX)) and GAIL (India) (A
Government of India Undertaking- A Maharatna Company) (GAIL), for sale of 5% stake in IGX to GAIL consisting of 36,93,750 equity shares, having a face value of Rs 10 each for cash consideration of Rs 3.69 crore.
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The IGX is an arm of IEX and first authorised gas exchange in the country. The IGX partnership with the two leading gas players will go a long way in developing India s gas markets, an IEX statement said. The IEX had on Friday announced the first strategic divestment of shares in the IGX. Adani Total Gas Ltd and Torrent GasPvt Ltd, India s two leading energy players with stakes in both upstream and downstream hydrocarbon value chain, have acquired 5 per cent equity stake each in the IGX. Speaking on the development, Rajesh K Mediratta, Director, IGX said in the statement, IGX envisions to play a key role in the development of India s gas market which is aligned with the government s vision to increase the share of gas in the energy mix from 6 per cent to 15 per cent by 2030.
Adani Total Gas, Torrent Gas acquire 5% stake each in IGX
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Launched in June last year, the IGX is an online trading platform that allows buyers and sellers of natural gas to trade in spot and short-term timelines (up to 30 days), as opposed to traditional contracts which last between six months to a year.
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The IGX partnership with the two leading gas players will go a long way in developing India s gas markets, an IEX statement said
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MUMBAI: Adani Total Gas and Torrent Gas have acquired a 5 per cent stake each in the Indian Gas Exchange (IGX), an arm of the
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