ONGC Allotted Shares in Two Ethane JV Firms with Mitsui O.S.K. Lines in GIFT City
New Delhi, March 6, 2026: Oil and Natural Gas Corporation Limited (ONGC) has received equity shares in two joint venture companies formed with Japanese shipping major Mitsui O.S.K. Lines Ltd. (MOL), according to a regulatory filing made on Friday.
The state-owned energy major informed stock exchanges that it has been allotted shares on a rights basis in the two joint venture entities—Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited—both registered in GIFT City.
Under the allotment, ONGC received:
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70,30,676 equity shares of ₹100 each in Bharat Ethane One IFSC Private Limited
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70,30,676 equity shares of ₹100 each in Bharat Ethane Two IFSC Private Limited
Following the share allotment, ONGC’s shareholding will remain at 50% in each of the joint venture entities, maintaining its equal partnership with Mitsui O.S.K. Lines.
The development follows ONGC’s earlier disclosure on January 22, 2026, announcing the formation of the joint ventures with MOL.
Strategic Partnership
The joint ventures are expected to support India’s ethane transportation and supply infrastructure, a key component for the petrochemical and energy sector. Establishing the entities in GIFT City is aimed at leveraging the international financial services hub for global energy and shipping collaborations.
ONGC stated that the update has been shared with the National Stock Exchange of India and BSE Limited for information and record.
The filing was signed by Company Secretary and Compliance Officer Shashi Bhushan Singh.