The International Financial Services Centre (IFSC) at Gift City has forged a strategic collaboration with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to establish a Global Hydrogen Trading Mechanism. Positioned as the second initiative of its kind globally, this places Gift City at the forefront of the emerging green hydrogen economy.
A pivotal facet of this collaboration is the imminent launch of the Global Hydrogen Price Index. This benchmark is slated to play a crucial role in shaping price discovery and disseminating market information within India’s burgeoning green hydrogen market. Anticipated benefits include heightened transparency, increased investor confidence, and the facilitation of global-scale growth within the green hydrogen sector.
Gift City’s Special Economic Zone (SEZ) is a recognised International Financial Services Centre in India, currently hosting operational sectors such as banking, insurance, capital markets, asset management, and FinTech, among others.
Designed as a world-class business district catering to both global and domestic enterprises, Gift City strives to set an international benchmark for finance and technology hubs worldwide. Notably, the India International Bullion Exchange predominantly handles commodities like gold and silver within Gift City.
The Gift IFSC’s overarching goal is to foster the development and promotion of global securities trading, including commodities, aiming to establish leadership in determining prices for such globally traded commodities.
GSPC, in collaboration with the Indian Gas Exchange, is set to pioneer a mechanism for creating an index for hydrogen, attracting global institutions to trade within the Gift IFSC.
Also Read | NGEL, GSPC, and GPPL forge Green Hydrogen Alliance
The Memorandum of Understanding (MoU) was signed on Friday in the presence of Gujarat Chief Minister Bhupendra Patel, Rajesh K. Mediratta (CEO-IGX), Sandip Shah (Head – IFSC Department, Gift City), and Milind Torawane (MD-GSPC). This strategic partnership marks a significant stride towards shaping the future of global hydrogen trading, establishing Gift City as a key player in the evolving green economy.