Markets

IEX offloads stake in IGX to NSE, ONGC

Our Bureau Mumbai | Updated on 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.

“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. Both public and private sector companies have a pioneering role in developing a vibrant gas market in the country,” he added.

SN Goel, Chairman, IEX, and Director, IGX said having NSE and ONGC as partners is a natural choice in the endeavour to deepen India’s gas markets.

Vikram Limaye, Managing Director, NSE, said: “The government has a non-wavering commitment to increase the consumption of gas and build India as a gas-based economy. 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 in the country, thereby helping towards achieving the national sustainable energy aspiration, he said.

Published on March 10, 2021

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