Indian Energy Exchange welcomes third strategic investor in IGX; stock jumps over 6 per cent
Indian Energy Exchange, which is India’s premier electricity exchange announced that it has divested its 5 per cent stake of Indian Gas Exchange (IGX) to GAIL (India) Limited.
GAIL is India's leading natural gas company and also one of Maharatna public sector undertakings (PSUs). The collaboration between the two companies i.e. IGX and GAIL is a major development and is expected to sustain for a longer period of time, which will eventually have a robust value addition to the gas market of India.
It is crucial to develop competitive domestic gas markets in order to build a gas-based economy. IEX and IGX are expecting to blend their strengths with GAIL and take a step forward to India’s vision of a gas-based economy. Earlier, on January 22, 2021, IEX had announced strategic investments in IGX by two leading energy players namely, Adani Total Gas and Torrent Gas, acquiring 5 per cent equity stake each in the platform.
Indian Energy Exchange Ltd is an India-based company, which offers an electronic platform for the trading of electricity products. IGX, which is an IEX venture, was launched on June 15, 2020 to offer an alternative to the gas spot market in India. It was the first exchange to receive authorisation from Petroleum & Natural Gas Regulatory Board (PNGRB) under recently notified Gas Exchange Regulations 2020.
The share of IEX closed at Rs 273.30 on Tuesday, which is 6.47 per cent rise on BSE.