Indian Energy Exchange (IEX) has announced the strategic divestment of 26 per cent of its equity in Indian Gas Exchange (IGX) to the National Stock Exchange (NSE) of India through its wholly-owned subsidiary NSE Investments Limited. Further, an additional five per cent equity holding in IGX has been divested to the Oil and Natural Gas Corporation (ONGC). The strategic partnership with NSE and ONGC is expected to facilitate IEX’s endeavour to deepen India’s gas markets.
Earlier in 2021, IEX had announced strategic investments of five per cent each by leading city gas distribution players – Adani Total Gas, Torrent Gas and GAIL (India) Limited in IGX. IEX is India’s first and largest energy exchange and its subsidiary IGX became the country’s first gas exchange after it secured authorisation from the Petroleum and Natural Gas Regulatory Board in December 2020.