Indian Oil Corporation (IOC) has received approval from board of directors to acquire 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 (IGX).
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. The acquisition of equity stake in IGX is a strategic opportunity for Indian Oil to become part of India’s natural gas market and to increase its presence to achieve leadership position in the market.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
