IEX partners with NSE & ONGC to expand gas market; share jumps 2 per cent

Indian Energy Exchange, which is India’s premier energy exchange, announced that it has strategically divested 26 per cent of the equity holding in Indian Gas Exchange (IGX) to National Stock Exchange of India Limited (NSE) and an additional 5 per cent equity holding to Oil & Natural Gas Corporation Limited, a Maharatna central public sector undertaking.  

The divestment of equity holding to NSE took place through its wholly-owned subsidiary, NSE Investments Limited. The representatives of IEX, NSE & ONGC signed the agreements in the presence of Tarun Kapoor, Secretary in Ministry of Petroleum & Natural Gas at a signing ceremony, which was held at the Ministry’s premises.  

Gas markets are significant for facilitating the efficient and competitive gas trade in India. Hence, NSE and ONGC are glad to be a part of the Indian Gas Exchange and aims to develop gas markets in India through joint and synchronised efforts in the coming years. NSE and ONGC bring in their unique value proposition and leading-edge in markets and the hydrocarbon sector through this partnership. Earlier, IEX had announced the strategic investments of 5 per cent each by the leading players in the gas value chain namely, Adani Total Gas, Torrent Gas and GAIL (India) Ltd in IGX.  

Indian Energy Exchange Limited offers an electronic platform for the trading of electricity products. The products included in the company’s ambit are day-ahead-market (DAM) electricity contracts, term-ahead-market (TAM) electricity contract, renewable energy certificates (REC) and energy-saving certificates.  

On Wednesday, the share of IEX closed at Rs 307.50, which is 2.01 per cent up on BSE.