Adani Total Gas, Torrent Gas invest in IGX, acquire 5% stake each

By acquiring five per cent stake each, Adani Total Gas and Torrent Gas have become the first strategic investors in IGX (Indian Gas Exchange), according to the Indian Energy Exchange (IEX). IGX is an arm of IEX and first authorised gas exchange in the country.

The IGX partnership with the two leading gas players will go a long way in developing India's gas markets, said IEX in a statement. The IEX had on Friday announced the first strategic divestment of shares in the IGX.

Speaking on the development, Rajesh K Mediratta, Director, IGX said in a statement that 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 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," he added.

Likewise, the IGX is amply equipped to transform the gas sector in the coming years as it will enable efficient and competitive gas pricing and help in securing equitable distribution of natural gas in the country, he said.

IGX is also the first gas exchange in the country to have secured authorisationfrom Petroleum and Natural Gas Regulatory Board (PNGRB) under recently notified Gas Exchange Regulations, 2020. The Exchange now has 16 members and more than 500registered clients.

With three physical hubs at Hazira and Dahej in Gujarat and KG Basin inAndhra Pradesh, IGX has already traded 75,000 MMBTU since its launch in June 2020. It also has plans to introduce two new hubs - one in Dhabol, Maharashtra and other in West Bengal.