ONGC acquires 5% stake in Indian Gas Exchange

NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC NSE -2.01 %) on Wednesday said it has acquired a 5 per cent stake in Indian Gas Exchange (IGX), joining likes of Adani Total Gas, Torrent Gas and GAIL in nation’s first gas exchange. The Indian Gas Exchange is a subsidiary of the IEX NSE 2.16 % – India’s premier nationwide, automated electricity trading platform.

ONGC signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) in the presence of Oil Secretary Tarun Kapoor and ONGC head Shashi Shanker, the company said in a statement.