Adani Total, Torrent Gas buy IGX pie

Adani Total Gas and Torrent Gas have become the first strategic investors in IGX (Indian Gas Exchange) by acquiring five per cent stake each, according to the Indian Energy Exchange (IEX).

The IGX is an arm of IEX and first authorised gas exchange in the country. The IGX partnership with the two leading gas players will go a long way in developing India's gas markets, an IEX statement said. The IEX had on Friday announced the first strategic divestment of shares in the IGX.

Adani Total Gas Ltd and Torrent Gas Pvt Ltd, India's two leading energy players with stakes in both upstream and downstream hydrocarbon value chain, have acquired 5 per cent equity stake each in the

IGX. Speaking on the development, Rajesh K Mediratta, Director, IGX said in the statement, "IGX envisions to play a key role in the development of India's gas market which is aligned with the government's vision to increase the share of gas in the energy mix from 6 per cent to 15 per cent by 2030. We look forward to working in collaboration as IGX braces to play a pioneering role in developing India's gas markets."