Adani Total Gas & Torrent Gas buy 5 per cent stake each in Indian Energy Exchange
The Indian Energy Exchange (IEX) has informed the bourses about its first strategic divestment of shares in the Indian Gas Exchange (IGX), its wholly owned subsidiary. 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.
As per the company’s management, IGX envisions to play a vital 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.
IGX is also the first gas exchange in India 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 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.
IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.
On Friday, in the morning session, the stock of IEX was trading 4.5 per cent higher at Rs 251.45 from its previous close of Rs 240.50 on BSE. Later, it got closed at Rs 232.65.