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Oil marketing company Indian Oil Corporation (IOC) on Tuesday informed that the company has acquired 4.93% stake in Indian Gas Exchange (IGX). Shares of IOC were trading over 1% higher in afternoon deals at 110 apiece on the BSE.

“It is hereby informed that the Board of IndianOil at its meeting held on 20 December 2021 has accorded approval for acquisition of 36,93,750 equity shares of the face value of Rs.10/- each equivalent to 4.93% of the share capital in Indian Gas Exchange Limited (IGX)," IOC said in an exchange filing today.

IGX is India’s first automated national level Gas Exchange, which ensures transparent price discovery in natural gas and facilitates growth of natural gas in India’s energy basket, it added.

Indian Oil further stated that the acquisition of equity stake in IGX is a strategic opportunity for IndianOil to become part of india’s natural gas market and to increase its presence to achieve leadership position in the market.

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