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NEW DELHI: Indian Energy Exchange (IEX), the country’s largest power exchange, has sold 4.93% of its stake in Indian Gas Exchange Ltd to Indian Oil Corp.

IEX and National Stock Exchange are promoters of IGX, India's only gas exchange, while other strategic investors in IGX include GAIL (India) Ltd, ONGC Ltd, Torrent Gas Pvt Ltd and Adani Total Gas Ltd.

“We are delighted to welcome Indian Oil as a strategic partner in IGX. Indian Oil has diversified and significant presence across the oil, gas, petrochemicals, and fertilizer segments which augurs well in our joint endeavour to build the gas market in India aligned to the government’s vision of accelerating the share of gas in the energy mix to 15% by 2030," said SN Goel, chairman and managing director, IEX, and director, IGX.

“At Indian Oil, we acknowledge the important role Indian Gas Exchange has to play in building a gas-based economy and also creating vibrant gas markets in the country. IndianOil is also committed to that vision and has a presence in the complete value chain of gas marketing…This partnership will benefit the entire gas sector as we work towards making India a gas hub," said Shrikant Madhav Vaidya, chairman, Indian Oil.

IGX offers six delivery-based contracts for trading in gas including day ahead, daily, weekday, weekly, fortnightly, and monthly through five designated physical hubs including Dahej, Hazira, Dabhol, Jaigarh and KG Basin. 

The exchange has built an ecosystem with over 500+ registered clients and 21 members. It has so far this fiscal cumulatively traded 6.5 million MMBtu equivalent to ~ 145 MMSCM of gas.

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