As per Moneycontrol, National Stock Exchange (NSE) is under the probability of making a purchase of at least 26% stake in the Indian Gas Exchange (IGX), a subsidiary of the Indian Energy Exchange (IEX).
This update comes weeks after several Gas Giants in the country including Adani Total Gas, Torrent Gas, and Gail India all had acquired 5% stake each in IGX.
An insider source told Moneycontrol, that the board of directors at NSE has already given authorization to this proposal and has approached markets regulator SEBI in this regard. The transaction value will be accessible for the public unlike the previous Adani Total Gas, Torrent Gas, and Gail India deals.
The source also said that this has obtained the approval of the Petroleum and Natural Gas Regulatory Board (PNGRB) and is currently in its primary draft stage. The source also commented on the previous plan that the NSE had made to make a separate Gas Exchange saying, “Though the initial plan by NSE was to set up a gas exchange, for which SEBI had already given a nod, it is now looking to pick up 26 per cent in the established IGX.”
India expects to see a growth in its share of natural gas by up to 15% among all other energy sectors by 2030. The current share of natural gas is 6%.
