Indian Energy Exchange (IEX) on Monday launched India's first online delivery-based gas trading platform.
Minister of Petroleum and Natural Gas Dharmendra Pradhan inaugurated the Indian Gas Exchange (IGX) at an e-ceremony and the trade started immediately.
IEX said that IGX will play an instrumental role in transforming India's gas markets, positioning the country as a sustainable economy and enhancing the industry's competitiveness.
The competitive price discovery will facilitate the availability of gas at lower prices for cross-spectrum of industries across India, stimulate demand and facilitate greater investments in domestic gas exploration.
The platform is fully automated with a web-based interface to provide seamless trading experience to the customers and is powered by best-in-class technology from GMEX, one of the world's leading digital exchange trading and post-trade technology providers.
Incorporated as a wholly-owned subsidiary of the IEX, IGX will enable market participants to trade in standardised gas contracts.
IGX will offer six market products beginning from the day-ahead market and forward contracts including daily, weekly, weekday, fortnightly and monthly at three physical hubs at Dahej and Hazira in Gujarat and Odoru in Andhra Pradesh to begin with while adding more hubs.
Through its membership drive launched in March, IGX already has 12 members and more than 350 registered clients from prominent industrial segments.
( With inputs from ANI )