Monday, November 28th, 2022 01:26:35

GAIL acquires 5% stake in Indian Gas Exchange

Updated: March 3, 2021 2:02 pm

GAIL (India) Limited has signed a Share Purchase and Shareholders Agreement (SPSHA) with IGX and Indian Energy Exchange Limited (IEX), the promoter and parent company of IGX for acquisition of 5% equity stake in Indian Gas Exchange Limited (IGX).

IGX, India’s first automated delivery-based gas trading platform, was launched by  Dharmendra Pradhan, Minster of Petroleum and Natural Gas in June 2020 after which PNGRB notified the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020. IGX has secured the necessary authorization to operate as a Gas Exchange under the Regulations for a period of 25 years. GAIL is already a member of IGX and has now also joined as a shareholder.

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