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ONGC acquires 5% stake in Indian Gas Exchange (IGX)
ONGC buys

5% stake in

Indian Gas

Exchange

ONGC acquires 5% stake in Indian Gas Exchange (IGX) ONGC acquires 5% stake in Indian Gas Exchange (IGX)

Signs Share Purchase and Shareholders Agreement

Thesynergyonline Corporate Bureau

NEW DELHI, MARCH 10 : Oil and Natural Gas Corporation (ONGC) signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) on 10 March 2021 to acquire 5 per cent equity in IGX. .

On the occasion, ONGC CMD said that ONGC is aligned to the Government's vision of increasing the share of gas in the energy mix to 15 per cent by 2030.

The SPSHA was signed in the presence of Secretary, Ministry of Petroleum & Natural Gas Mr Tarun Kapoor and ONGC CMD

Indian Gas Exchange Ltd. (IGX) is India's first automated national level Gas Exchange to promote and sustain an efficient and robust Gas market and to foster gas trading in the country. Indian Gas Exchange (IGX) would play an important role to facilitate achieving the Government of India's target of increasing share of natural gas in India's energy basket from current 6.5 per cent to 15 per cent by 2030. .

Secretary, Ministry of Petroleum & Natural Gas Mr Tarun Kapoor and ONGC CMD Mr Shashi Shanker, at the signing of a Share Purchase and Shareholders Agreement in Shastri Bhawan, New Delhi.

iGX started operations on 15 June 2020 as a gas trading platform and has been operating as the Gas Exchange since December 2020. The Exchange operates under the regulatory framework of Petroleum and Natural Gas Regulatory Board (PNGRB). Apart from ONGC, GAIL, Torrent Gas Private Limited, Adani Total Gas Limited have already acquired 5% equity each.

ONGC acquires 5% stake in Indian Gas Exchange (IGX)

We believe that the gas markets are key to facilitating the efficient and competitive gas trade in India. ONGC is pleased to be part of the Indian Gas Exchange and we look forward to develop the gas markets in the country through joint and synchronised efforts in the coming years.

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