NEW DELHI – State-owned energy giant ONGC has strengthened its partnership with Japan’s Mitsui O.S.K. Lines (MOL) through a significant share allotment in two joint venture (JV) firms.

According to a regulatory filing on Friday, ONGC was allotted over 70 lakh equity shares each in Bharat Ethane One and Bharat Ethane Two IFSC Private Limited. Both entities are based in GIFT City, Gujarat.

Key Details of the Allotment

• Share Count: 7,030,676 equity shares in each JV (₹100 par value).
• Ownership: ONGC maintains a 50% stake in both companies.
• Strategic Goal: Strengthening India’s ethane transportation and petrochemical supply chain.

By basing these ventures in GIFT City, ONGC and MOL aim to leverage the international financial hub's incentives for global shipping and energy collaborations. This move follows the initial formation of the JVs announced in January 2026.