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.
GAIL acquires 5% stake from IEX in IGX
Posted On: 2021-02-09 04:16:34 (Time Zone: Arizona, USA)
The Indian Energy Exchange (IEX), India s premiere electricity exchange, has today announced further divestment of 5% equity stake in the Indian Gas Exchange (IGX) to GAIL (India) Limited, India s leading natural gas company and one of the Maharatna Public Sector Undertakings (PSUs).
Providing leadership for more than three decades since 1984, GAIL is India s largest gas pipeline, marketing, and processing company with diversified interests across the natural gas value chain of trading, transmission, LPG production & transmission, LNG re-gasification, Petrochemicals, city gas, E&P etc. The Company owns and operates a network of around 12,900 km of high-pressure trunk pipelines. The partnership and collaboration between IGX and GAIL is a significant development which will go a long way and add robust value addition in development of the gas markets in the country.
Gas Based Economy
The Government of India seeks to increase the share of natural gas in India’s commercial energy basket from 6.3 percent in 2019 to 15 percent by 2030 to make India a ‘gas-based economy’. To reach the target of 15 percent, annual growth in consumption of natural gas has to increase from less than 5 percent in the last decade (less than 3 percent in 2019) to well over 10 percent in the next decade. India’s natural gas consumption in 2019-20 was about 175 mmscmd. To increase consumption to 600 mmscmd by 2030, the annual growth rate in consumption has to be more than 13 percent. This is not an impossible target. In the period 2008-2018, natural gas consumption in China grew by over 13 percent. Behind this double-digit growth rate for natural gas consumption in China was an annual average economic growth rate of over 8 percent, regulatory reform for transparency and flexibility along with focussed policy mandates.
Adani Total Gas consolidated net profit jumped 26.25% to Rs 145.87 crore on 0.67% rise in revenue from operations to Rs 522.27 crore in Q3 December 2020 over Q3 December 2019.
Consolidated profit before tax (PBT) soared 36.01% to Rs 195.34 crore in Q3 FY21 as against Rs 143.62 crore in Q3 FY20. Total tax expense for the quarter jumped 72.24% to Rs 50.21 crore in Q3 FY21 as against Rs 29.15 crore in Q3 FY20. EBITDA rose 33.73% year-on-year to Rs 222 crore in Q3 FY21.
Combined volume of CNG and PNG achieved 153 million metric standard cubic meters (MMSCM) in Q3 FY21 as against 154 MMSCM in Q3 FY20. Average volume in Q3 FY21 increased to 1.67 million metric standard cubic meters per day (MMSCMD) as compared to average volume of 1.43 MMSCMD in Q2 FY21, recording an improvement of 17% on Q-o-Q (quarter-on-quarter) basis.