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IEX offloads 26% stake in Indian Gas Exchange to NSE, 5% to ONGC

IGX has a robust ecosystem of more than 6,500 market participants which include all distribution utilities in the country, major power generators as well as over 4,500 open access consumers

Topics
IEX | ONGC | NSE

ANI 

IGX
(From left to right) Vineet Harlalka, CFO, IEX; Rajesh Mediratta, Director, IGX; SN Goel, CMD, IEX & Director IGX; Tarun Kapoor, Secretary MoPNG; Shashi Shankar, CMD, ONGC; Ravi Varanasi, Chief Business Development Officer, NSE

The Indian Energy Exchange (IEX) on Wednesday announced strategic divestment of 26 per cent of its equity holding in the Indian Gas Exchange (IGX) to National Stock Exchange (NSE) of India Ltd and additional 5 per cent equity holding to Oil and Natural Gas Corporation (ONGC) Ltd.

IGX has a robust ecosystem of more than 6,500 market participants which include all distribution utilities in the country, major power generators as well as over 4,500 open access consumers.

Secretary at the Ministry of Petroleum and Natural Gas Tarun Kapoor said the government is committed to build a sustainable energy economy in which clean energy sources like gas have a key role to play.

"We are working collaboratively with key stakeholders in the value chain to create an enabling policy framework that supports development of gas markets in the country," he said.

IGX is India's first gas exchange after it secured authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB) on December 2 last year.

Vikram Limaye, Managing Director and CEO of NSE, said the collaboration to strengthen IGX will go a long way in accelerating the development of the gas markets.

"IGX will provide a vibrant gas market platform for accelerating gas consumption inthe country, thus helping towards achieving national sustainable energy aspirations," he said.

Shashi Shanker, Chairman and Managing Director of ONGC, said the maharatna central public sector undertaking is aligned to the government's vision of increasing the share of gas in energy mix from 6 per cent to 15 per cent by 2030.

"We believe the gas markets are key to facilitating efficient and competitive gas trade in India. We are pleased to be part of the IGX and look forward to developing gas markets through joint and synchronised efforts in the coming years."

Earlier this year, announced strategic investments of 5 per cent each by leading players in the gas value chain -- Adani Total Gas, Torrent Gas and GAIL India Ltd.

At 3:20 pm on Wednesday, IEX's scrip on BSE was trading 2% higher at Rs 307.65.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, March 10 2021. 15:20 IST
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