Ahmedabad, Jan 16 (PTI) The International Financial Services Centre (IFSC) at GIFT City in Gandhinagar on Tuesday announced a strategic collaboration with the Indian Gas Exchange (IGX) and state-owned Gujarat State Petroleum Corporation (GSPC) to set up a global hydrogen trading mechanism.

"A key aspect of this collaboration is the subsequent launch of the Global Hydrogen Price Index, a benchmark that will play a pivotal role in price discovery and market information on the burgeoning green hydrogen market in India," the Gujarat International Finance Tec-City (GIFT City) said in a release.

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The mechanism is expected to enhance transparency, boost investor confidence, and facilitate the growth of the green hydrogen market on a global scale, it said.

GSPC jointly with IGX will develop a mechanism to create an index for hydrogen and attract global institutions to trade in GIFT IFSC, the release said.

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GIFT City SEZ is a notified IFSC in India with banking, insurance, capital markets, asset management, and FinTech verticals, among others, operational here. Commodities such as gold and silver are largely traded through India International Bullion Exchange.

The objective of GIFT IFSC is to develop and promote trading of global securities including commodities and create a leadership in deriving price for such globally traded commodities.

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