Indian Energy Exchange (IEX) has announced the first strategic divestment of shares in Indian Gas Exchange (IGX), its wholly-owned subsidiary and India’s first authorized gas exchange.
Adani Total Gas Ltd, and Torrent Gas Pvt Ltd, India’s two leading energy players with stakes in both upstream and downstream hydrocarbon value chain, have acquired 5 per cent equity stake each in the IGX.
Speaking on the development, Rajesh K Mediratta, Director, IGX said, “IGX envisions to play a key role in the development of India’s gas market which is aligned with the government’s vision to increase the share of gas in the energy mix from 6 per cent to 15 per cent by 2030.”
“In our journey to shape the nascent gas markets in the country, we are delighted to partner with Adani Total Gas and Torrent Gas. We look forward to working in collaboration as IGX braces to play a pioneering role in developing India’s gas markets,” Mediratta added.
It may be recalled that Indian Energy Exchange (IEX), on June 15, 2020, launched Indian Gas Exchange (IGX), the first nationwide online delivery-based gas trading platform.
IGX is also the first gas exchange in the country to have secured authorization from Petroleum and Natural Gas Regulatory Board (PNGRB) under recently notified Gas Exchange Regulations 2020. The Exchange now has 16 members and more than 500 registered clients. With three physical hubs at Hazira and Dahej in Gujarat and KG Basin in Andhra Pradesh,
IGX has already traded 75000 MMBTU (million British thermal units) since its launch in June 2020. It also has plans to introduce two new hubs – one in Dhabol, Maharashtra and other in West Bengal.
(Featured photograph (source: ep.total.com) is for illustration only)
