IEX offloads stake in IGX to NSE, ONGC
March 10, 2021
× The Indian Energy Exchange has divested 26 per cent of its equity holding in the Indian Gas Exchange (IGX) to NSE through its wholly-owned subsidiary NSE Investments.
It has also sold 5 per cent equity holding to Oil and Natural Gas Corporation (ONGC), a Maharatna Central public sector undertaking. IGX became India’s first gas exchange after it secured authorisation from the Petroleum and Natural Gas Regulatory Board last December 2.
Tarun Kapoor, Secretary, Ministry of Petroleum and Natural Gas, said the government is committed to building a sustainable energy economy wherein clean energy sources such as gas have a key role to play.
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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