Adani Gas, Torrent Gas each buy stake in India Gas Exchange

0
21
Adani Gas, Torrent Gas each buy stake in India Gas Exchange


MUMBAI: Adani Total Gas and Torrent Gas have acquired 5% stake each in the Indian Gas Exchange (IGX), a subsidiary of Indian Energy Exchange, for a total of Rs 7.38 crore.

IGX, which is India’s first gas exchange, has already traded 75000 mbtu since its launch in June 2020 and has plans to introduce two new hubs in Maharashtra and West Bengal.

“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% by 2030,” said Rajesh K Mediratta, director, IGX.

IGX will leverage on the presence of Adani Total Gas and Torrent Gas in the upstream and downstream hydrocarbon value chain.

“The precedent of Indian Energy Exchange has remarkably transformed electricity trading in India. Likewise, the Indian Gas Exchange 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,” said Suresh P Manglani, chief executive officer, Adani Total Gas.

Torrent Gas’ director Jinal Mehta said, “Torrent’s investment in IGX, which is India’s first delivery-based gas exchange, is in line with our strategy to enhance our footprint in India’s energy landscape.”

In December 2020, IGX received the necessary authorization to operate as a gas Exchange as per the provisions of the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020 for a period of 25 years.

IGX 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. It also has plans to introduce two new hubs, one at Dabhol in Maharashtra and other in West Bengal.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here