Oil and Natural Gas Corporation acquired a 5 per cent stake in Indian Gas Exchange (IGX), joining the likes of Adani Total Gas, Torrent Gas and GAIL in the nation’s first gas exchange. The Indian Gas Exchange is a subsidiary of the IEX- India’s premier nationwide, automated electricity trading platform.
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ONGC signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) in the presence of Oil Secretary Tarun Kapoor and ONGC head Shashi Shanker. Mr. Shanker said ONGC is aligned to the government’s vision of increasing the share of gas in the energy mix to 15 per cent by 2030 from the current 6.2 per cent.
Earlier this year, the IEX announced the strategic investments of 5 per cent each by leading players in the gas value chain – Adani Total Gas, Torrent Gas and GAIL (India) Ltd in IGX.
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Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).