News Karnataka
Friday, February 03 2023
Business

IEX onboards 3rd strategic investor in gas exchange IGX

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New Delhi: The country’s largest electricity exchange, the Indian Energy Exchange (IEX), has entered into a strategic partnership with a third investor for its new platform.

Gas utility GAIL has picked up 5 per cent equity stake in the Indian Gas Exchange (IGX), marking it the third investor to participate in the platform.

On January 22, Adani Total Gas and Torrent Gas also acquired 5 per cent equity stake each.

IGX’s participation with GAIL is expected to lead to robust value addition in development of the gas markets in the country.

Launched on June 15, 2020 as a gas-trading platform, IGX has now become the first gas exchange to receive authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB) under recently notified Gas Exchange Regulations, 2020.

With 15 members and more than 500 registered clients, the Exchange offers an alternative to the gas spot market in India by providing ease of trading, payment security and greater access to the market.

It currently operates from three physical hubs — Hazira and Dahej in Gujarat, and KG Basin in Andhra Pradesh.

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