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 GasPvt 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.
Indian Energy Exchange (IEX) gained 1.75% to Rs 244.70 after the company s consolidated net profit grew by 39.5% to Rs 58.14 crore on 42.8% rise in net sales to Rs 85.23 crore in Q3 December 2020 over Q3 December 2019.The company s consolidated profit before tax stood at Rs 75.74 crore in Q3 December 2020, 43.8% higher than Rs 52.66 crore in the same period last year. Total tax expense spiked by 60% to Rs 17.59 crore in Q3 December 2020 over Q3 December 2019.
Consolidated EBITDA stood at Rs 80.5 crore in quarter ended December 2020, rising 41.8% from Rs 63.2 crore in the corresponding period last year. The energy exchange said it delivered the most robust quarterly performance till date.
Adani Total, Torrent Gas first strategic investors in IGX theuknews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theuknews.com Daily Mail and Mail on Sunday newspapers.
Adani Gas, Torrent Gas each buy stake in India Gas Exchange
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IGX, which is India’s first gas exchange, has already traded 75000 mbtu since its launch in June 2020 and has plans to introduce two new hubs in Maharashtra and West Bengal.
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IGX will leverage on the presence of Adani Total Gas and Torrent Gas in the upstream and downstream hydrocarbon value chain.
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MUMBAI: Adani Total Gas and Torrent Gas have acquired 5% stake each in the Indian Gas Exchange (IGX), a subsidiary of Indian Energy Exchange, for a total of Rs 7.38 crore.
IGX, which is India’s first gas exchange, has already traded 75000 mbtu since its launch in June 2020 and has plans to introduce two new hubs in Maharashtra and West Bengal.