{"id":10275,"date":"2021-12-21T16:27:17","date_gmt":"2021-12-21T10:57:17","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ioc-acquisition\/"},"modified":"2021-12-21T18:09:15","modified_gmt":"2021-12-21T12:39:15","slug":"biz-ioc-acquisition","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ioc-acquisition\/","title":{"rendered":"IOC acquires 5% stake in IGX"},"content":{"rendered":"<ul class=\"wp-block-list\"><li>The Indian Oil Corporation (IOC) acquired a 4.93% stake in IGX for a cost of ~3.7 crores.<\/li><li>This is an opportunity for IOC to be a part of India\u2019s natural gas market, and eventually gain a leadership position.<\/li><li>IOC\u2019s board has approved an investment of \u20b99,028 crores, for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana, in order to import crude oil from Gujarat.<\/li><\/ul><div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2536859729\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>State-owned Indian Oil Corporation (IOC) on Tuesday said that it has acquired a nearly 5 per cent stake in Indian Gas Exchange Ltd (IGX) \u2013 the country\u2019s first automated national level exchange for the trading of natural gas, at an acquisition cost of 3.7 crores.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-250161300\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>IOC joins the likes of oil and gas explorer ONGC, gas utility GAIL Torrent Gas Pvt Ltd and Adani Total Gas Ltd which already have acquired 5 per cent equity each in IGX.<\/p><p>\u201cIt is hereby informed that the Board of IndianOil at its meeting held on December 20, 2021, has accorded approval for the acquisition of 36,93,750 equity shares of the face value of Rs 10 each equivalent to 4.93 per cent of the share capital in Indian Gas Exchange Limited (IGX),\u201d IOC said in an exchange filing.<\/p><p>IOC\u2019s shares closed at \u20b9109.65 per share on Tuesday.<\/p><div class=\"trade-content_5\" id=\"trade-3225736825\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>IGX is India\u2019s first automated national level gas exchange, which ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India\u2019s energy basket, it added.<\/p><p>IOC, the nation\u2019s largest oil refining and fuel marketing firm, said the acquisition of an equity stake in IGX is a strategic opportunity for it to become part of India\u2019s natural gas market and to increase its presence to achieve a leadership position in the market.<\/p><p>IGX is envisaged to play an important role to facilitate achieving the government\u2019s target of increasing the share of natural gas in India\u2019s energy basket from the current 6.5 per cent to 15 per cent by 2030.<\/p><p>The exchange started operations on June 15, 2020, as a gas trading platform and has been operating as the Gas Exchange since December 2020. The Exchange operates under the regulatory framework of the Petroleum and Natural Gas Regulatory Board (PNGRB).<\/p><p>In a separate filing, IOC said its board has approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana.<\/p><p>The pipeline will have a capacity to transport 17.5 million tonnes of imported crude oil per annum from the Gujarat port to its refinery in Haryana.<\/p><div class=\"trade-content-10\" id=\"trade-3793955976\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>\u201cThe project will meet the enhanced crude oil requirement arising out of the capacity expansion of Panipat refinery from 15 million tonnes per annum to 25 million tonnes,\u201d it said.<\/p><p>The project is expected to be completed within 36 months and would be synchronized with the commissioning of the Panipat refinery expansion project, it added.<\/p><p>Panipat is one of the 10 refineries that IOC owns and operates.<\/p><p>IOC\u2019s 10 refineries have a total capacity of 80.20 million tonnes or roughly 32 per cent of the nation\u2019s total refining capacity of 249.4 million tonnes.<\/p><div class=\"trade-after-content\" id=\"trade-3112139090\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The Indian Oil Corporation (IOC) acquired a 4.93% stake in IGX for a cost of ~3.7 crores. This is an opportunity for IOC to be a part of India\u2019s natural gas market, and eventually gain a leadership position. IOC\u2019s board has approved an investment of \u20b99,028 crores, for laying a crude oil pipeline from Mundra [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-10275","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IOC acquires 5% stake in IGX - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ioc-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IOC acquires 5% stake in IGX\" \/>\n<meta property=\"og:description\" content=\"The Indian Oil Corporation (IOC) acquired a 4.93% stake in IGX for a cost of ~3.7 crores. 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