IEX Offloads Stake in Indian Gas Exchange
The Indian Energy Exchange (IEX) on March 10 said it has divested 26% equity holding in its subsidiary Indian Gas Exchange (IGX) to the National Stock Exchange of India. IEX has also sold 5% equity to state-run explorer ONGC.
IGX is India s first gas exchange after it secured authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB) in December last year. IEX recently announced the strategic investments of 5% each by leading players in the gas value chain – Adani Total Gas, Torrent Gas, and Gail in IGX.
According to IEX, IGX has an eco-system of more than 6,500 market participants which includes all the distribution utilities in the country, the power generators as well as more than 4,500 open access consumers. The IGX offers trade in five contracts, including daily, weekly, weekday, fortnightly, and monthly, at three physical hubs - Hazira and Dahej in Gujarat and KG basin in Andhra Pradesh. It has 500 registere
India s ONGC to Form Unit for Gas Biz
Feb 15, 2021 3:32:am
Summary
by: Shardul Sharma
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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.”
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.
Read more about Adani Total Gas acquires 5% stake in IGX on Business Standard. Adani Total Gas signed share purchase agreement on 21 January 2021 for acquiring 5% stake of Indian Gas Exchange (IGX) from Indian Energy Exchange (IEX) for a cash consideration of Rs 3.69 crore.