IndianOil acquires 4.93% stake in Indian Gas Exchange

Indian Oil Corporation Limited (IndianOil) said that its board of directors has approved the company’s acquisition of a 4.93% stake in Indian Gas Exchange Limited (IGX).

The Indian government-owned oil and gas company has purchased 36.9 lakh equity shares of the face value of INR 10 each in the natural gas exchange.

Indian Gas Exchange is said to be the first automated national level gas exchange in the country with an objective to ensure transparent price discovery in natural gas and for enabling the growth of natural gas in the country’s energy basket.

According to IndianOil, the acquisition of the stake in Indian Gas Exchange is a strategic opportunity for it to become part of the Indian natural gas market and to boost its footprint to achieve top position in the market.