GIFT City teams up with IGX and GSPC for global hydrogen trading

19 Jan 2024 CW Team

The alliance was declared to be introducing the Global Hydrogen Price Index, a benchmark crafted for price discovery and market information within the swiftly expanding green hydrogen sector in India. The proponents of this index expected its introduction to bring about increased transparency and bolster investor confidence, thereby facilitating the expansion of the green hydrogen market internationally.

Recognised as an International Financial Services Centre in India, GIFT City SEZ currently engages in various sectors, including banking, insurance, capital markets, asset management, and FinTech. Additionally, it functions as a prominent trading centre for commodities such as gold and silver through the India International Bullion Exchange.

The objective of GIFT IFSC was reported to be fostering and promoting global securities trading, encompassing commodities, and playing a crucial role in setting prices for globally traded commodities. In this new initiative, GSPC was set to collaborate with IGX to devise a mechanism for creating a hydrogen index, with the intention of attracting global institutions for trading at GIFT IFSC.

The Memorandum of Understanding (MoU) for this strategic partnership was disclosed to have been signed on Friday, in the presence of Gujarat's Chief Minister Bhupendra Patel. This signing ceremony was indicative of the government's strong commitment to sustainable energy initiatives. Notable personalities, including Rajesh K Mediratta, CEO-IGX, Sandip Shah, Head ? IFSC Department, GIFT City, and Milind Torawane, MD-GSPC, were reported to have attended the MoU signing ceremony.

In a significant step towards bolstering the green hydrogen economy, the International Financial Services Centre (IFSC) at GIFT City has formed a strategic alliance with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC). It was stated that this collaboration aimed to establish a pioneering Global Hydrogen Trading Mechanism, which would position GIFT City as a frontrunner in the global green hydrogen market. The alliance was declared to be introducing the Global Hydrogen Price Index, a benchmark crafted for price discovery and market information within the swiftly expanding green hydrogen sector in India. The proponents of this index expected its introduction to bring about increased transparency and bolster investor confidence, thereby facilitating the expansion of the green hydrogen market internationally. Recognised as an International Financial Services Centre in India, GIFT City SEZ currently engages in various sectors, including banking, insurance, capital markets, asset management, and FinTech. Additionally, it functions as a prominent trading centre for commodities such as gold and silver through the India International Bullion Exchange. The objective of GIFT IFSC was reported to be fostering and promoting global securities trading, encompassing commodities, and playing a crucial role in setting prices for globally traded commodities. In this new initiative, GSPC was set to collaborate with IGX to devise a mechanism for creating a hydrogen index, with the intention of attracting global institutions for trading at GIFT IFSC. The Memorandum of Understanding (MoU) for this strategic partnership was disclosed to have been signed on Friday, in the presence of Gujarat's Chief Minister Bhupendra Patel. This signing ceremony was indicative of the government's strong commitment to sustainable energy initiatives. Notable personalities, including Rajesh K Mediratta, CEO-IGX, Sandip Shah, Head ? IFSC Department, GIFT City, and Milind Torawane, MD-GSPC, were reported to have attended the MoU signing ceremony.