Adani Total, Torrent Pay Rs 3.7 Cr Each For 5% Stake In Indian Gas Exchange

Adani Total Gas and Torrent Gas have acquired 5 per cent stake each in the Indian Gas Exchange (IGX). According to officials in the know, both have spent Rs 3.69 crore each for the 5 per cent stake.

IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX). It is the first gas exchange in the country to have secured authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB) under the Gas Exchange Regulations, 2020.

According to IGX, 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 75,000 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. This is subject to regulatory approvals,” an IGX statement said.

ALSO READ: Adani Green Energy commissions 150 MW solar plant in Kutch, growth at 55%

Commenting on the stake sale, Rajesh K Mediratta, Director, IGX said, “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.”

Suresh P Manglani, CEO, Adani Total Gas said, “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.”

Jinal Mehta, Director, Torrent Gas 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.”

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor