Indian Energy Exchange (IEX) on Wednesday announced strategic divestment of 26 per cent of its equity holding in the Indian Gas Exchange (IGX) to National Stock Exchange (NSE) and additional 5 per cent equity holding to Oil and Natural Gas Corporation (ONGC). The value of the deals has not been disclosed. IGX has a robust ecosystem of more than 6,500 market participants, which include all distribution utilities in the country, major power generators as well as over 4,500 open access consumers. 

Union Petroleum and Natural Gas Secretary Tarun Kapoor said the government is committed to building a sustainable energy economy in which clean energy sources like gas have a key role to play. “We are working collaboratively with key stakeholders in the value chain to create an enabling policy framework that supports development of gas markets in the country,” Mr Kapoor said. IGX is India’s first gas exchange after it secured authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB) last December. 

NSE MD and CEO Vikram Limaye said tha the collaboration to strengthen IGX will go a long way in accelerating the development of the gas markets. “IGX will provide a vibrant gas market platform for accelerating gas consumption in the country, thus helping towards achieving national sustainable energy aspirations,” Mr Limaye said. 

ONGC CMD Shashi Shanker noted that the Maharatna Central public sector enterprise (CPSE) is aligned to the government’s vision of increasing the share of gas in the energy mix from 6 to 15 per cent by 2030. 

Earlier this year, IEX had announced strategic investments of 5 per cent each by leading players in the gas value chain – Adani Total Gas, Torrent Gas and GAIL India.