Adani Total Gas and Torrent Gas, India’s two leading energy players with stakes in both upstream and downstream hydrocarbon value chains have acquired 5% equity stake each in the Indian Gas Exchange (IGX), India's first authorized gas exchange.

Speaking on the development, Rajesh K Mediratta, Director, IGX said, “In our journey to shape the nascent gas markets in the country, 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, "Adani Total Gas is committed to building gas infrastructure to increase share of natural gas in India's energy mix. 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, “India is on the course to become a formidable energy and gas hub. IGX can play a catalytic role for India’s gas market and will stimulate demand, increase availability and ensure competitive prices. 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.”

IGX is also the first gas exchange in the country 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.