Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Adani Total Gas & Torrent Gas acquire 5% in each in IGX
BackBack

Adani Total Gas & Torrent Gas acquire 5% in each in IGX

Though financial details of the deal were not disclosed, according to industry officials, the companies may have spent around ₹4 crore for their respective 5% share each

Photo: AFPPremium
Photo: AFP

Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange (IGX), an arm of the Indian Energy Exchange (IEX), the exchange said today.

Though financial details of the deal were not disclosed, according to industry officials, the companies may have spent around 4 crore for their respective 5% share each.

IGX launched in June 2020 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. It is the wholly owned subsidiary of the (IEX)

"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," said Suresh P Manglani, CEO, Adani Total Gas.

IGX said it envisions 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 presnet to 15% by 2030.

"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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 22 Jan 2021, 08:58 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie