IndianOil joins IGX as strategic partner

The companies will work together to develop India’s gas markets towards achieving a gas-based economy.

Indian Energy Exchange (IEX) and Indian Oil Corporation (IndianOil) recently announced IndianOil’s strategic equity stakes of 4.93 percent in Indian Gas Exchange Ltd where IEX has divested the 4.93 percent equity stakes to IndianOil. 

The other strategic investors in IGX include GAIL (India) Ltd, ONGC Ltd, Torrent Gas Pvt Ltd and Adani Total Gas Ltd. 

IndianOil and IGX will work together to develop India’s gas markets towards achieving governments vision of building a gas-based economy.

Speaking on the development, S N Goel, Chairman and Managing Director, IEX and Director, IGX said, “We are delighted to welcome IndianOil as a strategic partner in IGX. IndianOil has diversified and significant presence across the oil, gas, petrochemicals and fertiliser segments which augurs well in our joint endeavor 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 percent by 2030. We strongly believe that IndianOil will bring huge value through guidance and support to our new initiative of IGX. IndianOil with their huge expertise in the gas sector will help add new products for Indian markets.”

Commenting on the development, Shrikant Madhav Vaidya, Chairman, IndianOil said, “At IndianOil, 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; from LNG terminals, pipeline network and Gas retailing through the City Gas Distribution (CGD) network. Our successful bids in the 11th Round of CGD bidding is also in line with our strategy to emerge as a dominant player in Indian Gas Market. And given the synergy, our partnership with the Indian Gas Exchange is a step towards attaining our mission of ensuring the availability of Gas across the nation at competitive prices. This partnership will benefit the entire gas sector as we work towards making India a gas hub.”