Adani Total Gas acquires 5% stake in IGX

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.

The deal is expected to be completed within seven days from the date of execution of the share purchase agreement. The announcement was made during trading hours today, 22 January 2021.

IGX is an authorised gas exchange regulated by the Petroleum and Natural Gas Regulatory Board in accordance with the provisions of the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020.

Adani Total Gas intends to participate in developing gas trading exchange, regulated by the Petroleum and Natural Gas Regulatory Board through the acquisition made.

On a consolidated basis, Adani Total Gas' net profit rose 12.7% to Rs 135.67 crore on a 11.6% decline in net sales to Rs 417.86 crore in Q2 FY21 over Q2 FY20.

Shares of Adani Total Gas rose 0.88% to Rs 360.25 on BSE. Adani Total Gas is engaged in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.

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