The Board of IndianOil has accorded approval for acquisition of 36,93,750 equity shares of the face value of Rs.10/- each equivalent to 4.93% of the share capital in Indian Gas Exchange Limited (IGX).

IGX is India's first automated national level "Gas Exchange", which ensures transparent price discovery in natural gas and facilitates growth of natural gas in India's energy basket.

The acquisition of equity stake in IGX is a strategic opportunity for IndianOil to become part of india's natural gas market and to increase its presence to achieve leadership position in the market.

The Board has also accorded approval for investment proposal of new crude oil pipeline system with nameplate capacity of 17.5 MMTPA from Mundra to Panipat alongwith with augmentation of crude oil tank farm at Mundra, at an estimated cost of Rs.9,028 crore. The project will meet the enhanced crude oil requirement arising out of capacity expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA.

The project is expected to be completed within 36 months and would be synchronized with the commissioning of Panipat Refinery expansion project.