Oil and Natural Gas Corporation Limited (ONGC) has announced its investment in two Joint Venture (JV) companies, Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited, located in Gift City, Gandhinagar. This follows an earlier filing on November 10, 2025, and a press release on January 5, 2026, detailing a partnership with M/s Mitsui O.S.K. Lines Ltd (MOL) of Japan. ONGC has been allotted 2,00,000 equity shares of ₹100 face value each in Bharat Ethane One IFSC Private Limited and another 2,00,000 equity shares of ₹100 face value each in Bharat Ethane Two IFSC Private Limited through private placement. This investment solidifies ONGC's position as a 50% Joint Venture partner with MOL in both entities. The JV companies, incorporated in September 2025, have not yet commenced business activities. They belong to the shipping industry and will each own a Very Large Ethane Carrier (VLEC). These VLECs will be deployed under the Indian flag for transporting ethane from the United States to meet the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC. The Department of Investment and Public Asset Management (DIPAM) has approved the formation of these JVs. The total cash consideration for the acquisition amounts to ₹4,00,00,000 (4 crore), with ONGC acquiring 50% shareholding in each JV. The acquisition is expected to be completed by January 2026. This strategic move does not fall under related party transactions and is conducted at an arm's length.
