Adani, Torrent Buy Stake in Indian Gas Exchange
Indian gas retailers Adani Gas and Torrent Gas have each bought a 5% stake in Indian Gas Exchange (IGX), the country’s first automated delivery-based gas trading platform, IGX’s parent company Indian Energy Exchange (IEX) said on January 22.
IGX is also the first gas exchange in the country to have secured authorisation from downstream regulator 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 traded 75,000mn Btu of gas since its launch in June last year.
IEX said that IGX also has plans to introduce two new hubs: one in Dhabol in Maharashtra and the other in the eastern Indian state of West Bengal.