ONGC has completed the allotment of equity shares in its two newly formed 50% joint venture entities with Mitsui O.S.K. Lines Ltd., Japan (MOL): Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited. The company subscribed to 70,30,676 equity shares in each entity at a face value of ₹100/- per share on a rights basis. This allotment ensures ONGC retains its 50% shareholding in both JVs registered in Gift City, Gandhinagar.
Equity Allotment in New Joint Ventures Confirmed
Oil and Natural Gas Corporation Limited (ONGC) has issued a formal communication regarding the allotment of equity shares following the establishment of two joint venture companies with M/s Mitsui O.S.K. Lines Ltd., Japan (MOL). This development follows a prior notification dated January 22, 2026, announcing ONGC’s entry as a 50% Joint Venture Partner in these entities.
Details of Issued Shares
The shares were issued to ONGC on a rights basis across the two newly formed companies, which are registered in Gift City, Gandhinagar. The specifics of the allotment are as follows:
- Bharat Ethane One IFSC Private Limited: Received 70,30,676 equity shares, with each share having a face value of ₹100/-.
- Bharat Ethane Two IFSC Private Limited: Also received 70,30,676 equity shares, with each share carrying a face value of ₹100/-.
Retained Shareholding Status
The communication confirms that upon the allotment of the aforementioned shares, ONGC’s ownership stake in both joint venture entities will remain steadfastly at 50%. The filing was officially made on March 6, 2026, and was signed by Shashi Bhushan Singh, Company Secretary & Compliance Officer.
Source: BSE
