ONGC invests in two JV Companies in partnership with Mitsui O.S.K. Lines Ltd, Japan

Oil and Gas major sector PSU, ONGC Ltd has announced the acquisition of 50% shareholding through private placement in Bharat Ethane One IFSC Private Limited & Bharat Ethane Two IFSC Private Limited.

The Company has been allotted 2,00,000 equity shares, having a face value of Rs 100/- each, issued by Bharat Ethane One IFSC Private Limited and another 2,00,000 equity shares, having a face value of Rs 100/- each, issued by Bharat Ethane Two IFSC Private Limited through private placement, the exchange filing mentioned.

Therefore, as a result of these equity subscriptions ONGC has become a 50% Joint Venture Partner with M/s Mitsui O.S.K. Lines Ltd., Japan (MOL) in both the companies.

Earlier, ONGC and Mitsui OSK Lines Ltd (MOL) has entered into partnership with 50:50 shareholding in two Joint Venture companies namely, Bharat Ethane One IFSC Private Limited & Bharat Ethane Two IFSC Private Limited, for owning and operating of Very Large Ethane Carriers (VLEC).

The VLECs shall operate under the Indian flag and shall be deployed for the transportation of ethane from the United States of America to meet the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC.