In a notable development, GAIL (India) Limited has acquired a five per cent stake in Indian Gas Exchange (IGX), an arm of the Indian Energy Exchange. GAIL became the third strategic investor in IGX following a five per cent stake acquisition each by Adani Gas Limited and Torrent Gas last month.

IGX was launched on June 15, 2020, as a gas trading platform and became the first gas exchange to receive authorisation from the Petroleum and Natural Gas Regulatory Board. The exchange with 15 members and over 500 registered clients, offers a compelling alternative to the gas spot market in India by providing ease of trading, payment security and greater access to the market.