Indian Energy Exchange divests 4.93% stake in IGX to Indian Oil

19 Jan 2022 , 11:17 AM

Indian Energy Exchange (IEX), India’s premier Energy Exchange and Indian Oil Corporation (IndianOil), India’s largest oil refining and fuel marketing firm, announced Indian Oil’s strategic equity stakes of 4.93% in Indian Gas Exchange Ltd, to facilitate this, IEX has divested 4.93% equity stakes to IndianOil.

“We are delighted to welcome IndianOil as a strategic partner in IGX. IndianOil has a significant and well-diversified presence across the oil, petrochemicals, gas, and fertilizer segments which augurs well in our joint endeavor to build the gas market in India aligned to the government’s vision of accelerating the gas’ share in the energy mix to 15% by 2030. We soundly believe that Indian Oil will add value through its impeccable guidance and support to our new initiative of IGX. IndianOil with their vast expertise in the gas sector will help to expand and prepend new products for Indian markets,” commented on the development, S N Goel, Chairman and Managing Director, IEX and Director, IGX.

Indian Oil Corporation Limited (IndianOil) is a diversified, integrated energy major with a presence in almost all the streams of oil, petrochemicals, alternative energy sources, and gas with a net profit of Rs 21,836 crores for the financial year 2020-21. Indian Oil is providing energy access to millions of people, with its extensive workforce of 33,500 people, and an extensive network of more than 50,000 customer touchpoints.

Indian Energy Exchange Ltd is currently trading at Rs253.75 up by Rs0.85 or 0.34% from its previous closing of Rs252.90. The scrip opened at Rs252.90 and has touched a intraday high and low of Rs257.95 and Rs251 respectively.