Indian Energy Exchange plans minority stake sale in gas venture: CEO
Indian Energy Exchange Ltd. is in talks with strategic investors to sell a minority stake in its fledgling gas unit.
The largest electricity trading platform in India may sell as much as 49 per cent in the venture in a series of deals, Rajiv Srivastava, chief executive officer of IEX said in an interview. The first accord may be signed in three months, he said. State-run gas supplier GAIL India Ltd. in June said it was considering buying a stake.
The zero-debt company is pinning its hopes on India’s plans to expand the use of natural gas to quell chronic air pollution choking its cities. The government aims to raise the share of gas in its energy mix to 15 per cent over the next decade from about 6 per cent and is seeking $60 billion of investment in pipelines, city distribution and import terminals.
