In December 2021, which of the following has acquired a 4.93 percent stake in Indian Gas Exchange Ltd (IGX)?

In December 2021, which of the following has acquired a 4.93 percent stake in Indian Gas Exchange Ltd (IGX)? Correct Answer Indian Oil Corporation

The correct answer is Indian Oil Corporation.

Key Points

• Indian Oil Corporation (IOC) has acquired a 4.93 per cent stake in Indian Gas Exchange Ltd (IGX).
• At face value, the acquisition will cost IOC Rs 3.7 crore.

Additional Information

• IOC has also approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana.
• 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.
• The project will meet the enhanced crude oil requirement arising out of the capacity expansion of the Panipat refinery from 15 million tonnes per annum to 25 million tonnes.
• The project is expected to be completed within 36 months and would be synchronized with the commissioning of the Panipat refinery expansion project.
• IGX:
  • It is the country's first automated national-level exchange for the trading of natural gas.
  • It started operation in 2020 as a gas trading platform.
  • Major equity holders of IGX include Oil and Natural Gas Corp (ONGC), Gas Authority of India Limited (GAIL), Adani Total Gas, and Torrent Gas.
  • The Exchange operates under the regulatory framework of the Petroleum and Natural Gas Regulatory Board (PNGRB).
• PNGRB:
  • It is a statutory body in India, constituted under the act of Parliament of India, namely Petroleum and Natural Gas Regulatory Board Act, 2006.
  • Its primary functions include regulation of refining, transportation, distribution, storage, marketing, supply and sale of petroleum products and natural gas.