New Delhi: India Energy Exchange (IEX) on Wednesday announced divesting 4.93 per cent equity stake in its gas exchange, IGX, to India's largest oil company Indian Oil Corporation (IOC).
India Energy Exchange 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. Indian Oil Corporation ... 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.
At Indian Oil, we acknowledge the important role Indian Gas Exchange has to play in building a gas-based economy and also creating vibrant gas markets in the country," Indian Oil Corporation chairman Shrikant Madhav
Vaidya said.