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IOC buys stake in IGX

News: State-owned Indian Oil Corporation (IOC) has acquired a nearly 5% stake in Indian Gas Exchange. The IOC board has given approval for the acquisition of 36,93,750 equity shares of face value of | 10 each equivalent to 4.93% of the share capital in Indian Gas Exchange (IGX).

Views: With this acquisition, IOC joins the likes of oil and gas explorer ONGC, gas utility Gail, Torrent Gas Pvt Ltd and Adani Total Gas, which have already acquired 5% equity each in IGX. IGX has traded about 10 MMBT of gas through its platform and buoyancy in volumes should continue with larger players acquiring stake at regular intervals. With increasing volumes it will add more to the revenues of IEX.

Impact: Positive