India s ONGC to Form Unit for Gas Biz
Feb 15, 2021 3:32:am
Summary
by: Shardul Sharma
Posted in:
India s ONGC to Form Unit for Gas Biz
Indian state-run oil and gas explorer ONGC will form a subsidiary to focus on gas and LNG business, it said in a February 13 statement.
“Board has approved the creation of a new wholly-owned subsidiary company for focusing on gas and LNG business value chain subject to necessary approvals,” it said. The company is being formed with the objective of sourcing, marketing and trading of natural gas, LNG business, hydrogen-enriched CNG (HCNG), gas to power business, bioenergy/bio-gas/bio methane/other bio fuels business, etc.”
EXCLUSIVE: NSE to pick up 26% stake in Indian Gas Exchange
The exchange is considered to be an alternative to the gas spot markets in India that provides ease of trading, payment security, and greater access to the market for its users. February 11, 2021 / 02:11 PM IST
Indian Energy Exchange | Westbridge Crossover Fund LLC sold 18,65,329 shares at Rs 165 per share. (Image: Moneycontrol)
After Adani Total Gas, Torrent Gas, and Gail (India) acquired 5 percent stake each in the Indian Gas Exchange (IGX), an arm of the Indian Energy Exchange (IEX), National Stock Exchange (NSE) is likely to acquire at least 26 percent stake in IGX.
The country s largest electricity exchange, the Indian Energy Exchange (IEX), has entered into a strategic partnership with a third investor for its new platform.Gas utility GAIL has picked up 5 per cent equity stake in the Indian Gas Exchange .
Indian Energy Exchange (IEX) on Tuesday announced further divestment of 5% equity stake in the Indian Gas Exchange (IGX) to GAIL (India).GAIL (India) will purchase 36,93,750 equity shares, having a face value of Rs 10 each, of IGX for a cash consideration of Rs 3.69 crore. The deal will be completed within a period of ten days from the date of execution of the share purchase and shareholders agreement. The announcement was made during trading hours today, 9 February 2021.
Speaking on the development, S N Goel, the chairman of IEX and director of IGX, has said that: 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. We are delighted to welcome GAIL onboard as our partner and unite our strengths
New Delhi: The
Indian Energy Exchange (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.