Indian Energy Exchange (IEX) and Indian Oil Corporation (IndianOil) announced IndianOil's strategic equity stake of 4.93% in Indian Gas Exchange (IGX).
India Energy Exchange announced divesting 4.93 per cent equity stake to India's largest oil
company.
IEX and NSE (National Stock Exchange) are promoters and other strategic investors in IGX include GAIL (India), ONGC, Torrent Gas and Adani Total Gas.
Indian Oil Corporation. IEX chairman and managing director SN Goel said that the move augurs well in the joint endeavour to build the gas market in India and is aligned with the government's vision of accelerating the share of gas in the energy mix to 15 per cent by 2030.
"We strongly believe that IndianOil will bring huge value through guidance and support to our new initiative of IGX. IndianOil ... their huge expertise in the gas sector will help add new products for Indian markets," Goel said in a statement.
Indian Oil has a diversified presence across oil, gas, petrochemicals, and fertilizer segments.
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