IEX divests 5 per cent stake in IGX to GAIL

The Indian Energy Exchange (IEX) has announced a divestment of 5 per cent equity stake in the Indian Gas Exchange (IGX) to GAIL (India) Limited, making it the third investor to participate in the platform. Earlier, in January 2021, Adani Total Gas and Torrent Gas acquired 5 per cent equity stake each in IGX. India’s first authorised the gas exchange envisions to play a key role in the development of gas market, which is aligned with the government’s vision to increase the share of gas in the energy mix from 6-15 per cent by 2030. 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 metric million British thermal units (mmbtu) since its launch in June 2020. It also has plans to introduce two new hubs – one at Dhabol in Maharashtra and another in West Bengal.