Indian Oil Acquires Upto 5% Stake in Indian Gas Exchange
By Malvika Gurung
Investing.com — According to a regulatory filing by the petroleum refining company Indian Oil (NS:) Corporation Ltd to the BSE on Tuesday, it has acquired a stake of 4.93% in the Indian Gas Exchange Ltd, the country’s first automated national-level gas exchange for trading in .
Indian Oil informed the exchanges today that its board of directors had given the IEX deal a green signal at its meeting held on Dec 20, adding that the board approved the acquisition of 36,93,750 equity shares of the face value of Rs 10 each, equivalent to 4.93% of the share capital in IGX.
The acquisition of a minority stake in IGX will provide IOC with the opportunity to tap into the country’s natural gas market, and swiftly increase its presence and escalate as a leader in the segment.
In other news, IOC informed the exchanges on Tuesday of its plans to set up a pipeline from Mundra to Panipat, led by an investment of Rs 9,028 crore in the project.
Shares of the petroleum refining company were trading 0.74% higher at Rs 109.5 apiece at 3:20 pm on Tuesday.