Indian Energy Exchange (IEX) on Thursday said its board has approved a proposal to create a subsidiary for setting up an exchange for trading of gas. The proposal was approved at IEX board meeting on Wednesday.
“The Board…has considered and approved the incorporation of a wholly-owned subsidiary in India to undertake the business of developing a gas exchange for transacting, clearing and settling trades in various types of gas-based contracts including all other forms/types of energy,” a BSE filing said.
The exchange will be set up with an initial investment of up to Rs 10 crore in the form of subscribed and paid-up capital, the filing added. IEX will furnish the necessary details after the new company is formed. Read More
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