GIFT City teams up with IGX and GSPC for global hydrogen trading
POWER & RENEWABLE ENERGY

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

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.

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.

Next Story
Infrastructure Transport

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Next Story
Infrastructure Transport

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Next Story
Real Estate

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000