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Adani Total Gas and Torrent Gas have acquired a 5 percent share each in the Indian Gas Exchange (IGX).
In a filing with the exchange, Indian Energy Exchange said, “Adani Total Gas and Torrent Gas has acquired 5 percent shares each in its subsidiary company Indian Gas Exchange (IGX).”
Founded in June 2020 by Indian Energy Exchange (IEX), Indian Gas Exchange (IGX) is an online trading platform for physical delivery of natural gas and provides a neutral and transparent marketplace to multiple buyers and sellers to trade in spot and forward contracts at designated physical hubs.
Speaking on the acquisition, Suresh P Manglani, CEO, Adani Total Gas said, “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.”
“I envision to play a key role in the development of India’s gas market in sync with the government’s vision to increase the share of gas in the energy mix from 6% at present to 15% by 2030,” IGX in its statement said.
“IGX can play a catalytic role for India’s gas market and will stimulate demand, increase availability and ensure competitive prices,” said Jinal Mehta, Director, Torrent Gas.