Oil and Natural Gas Corporation Limited agreed to acquire 5% stake in Indian Gas Exchange Limited from Indian Energy Exchange Limited for INR 36.9 million.

Oil and Natural Gas Corporation Limited (NSEI:ONGC) agreed to acquire 5% stake in Indian Gas Exchange Limited from Indian Energy Exchange Limited (BSE:540750) on February 13, 2021. As of February 13, 2021, Oil and Natural Gas Corporation Limited (NSEI:ONGC) Board of Directors approved the deal. Oil and Natural Gas Corporation Limited (NSEI:ONGC) entered into an agreement to acquire a 5% stake in Indian Gas Exchange Limited from Indian Energy Exchange Limited (BSE:540750) for INR 36.9 million on March 10, 2021.

In a related transaction, NSE Investments Limited entered into an agreement to acquire 26% stake in Indian Gas Exchange Limited from Indian Energy Exchange Limited (BSE:540750) for INR 192 million on March 10, 2021. Indian Gas Exchange Limited reported revenues of INR 1 million for the year ending March 31, 2020 and had total common equity of INR 78 million on March 31, 2020. The transaction is expected to close within ten days from the execution of the agreement.