Oil and Natural Gas Corporation Limited has completed its equity investment in two joint venture companies formed with Japan’s Mitsui O.S.K. Lines Ltd, strengthening its logistics capabilities for ethane transportation to India.

In a regulatory filing, ONGC said it has been allotted 200,000 equity shares each in Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited at a face value of Rs 100 per share through private placement. With a total investment of Rs 0.4 billion, ONGC has become a 50 per cent joint venture partner in both entities alongside Mitsui O.S.K. Lines Ltd.

The two joint ventures, incorporated in September 2025 and registered at GIFT City in Gandhinagar, are yet to commence operations. Each joint venture will own one very large ethane carrier, which will be deployed to transport ethane from the United States to meet the feedstock requirements of ONGC Petro additions Limited, the company said.

ONGC clarified that the acquisition does not fall under related party transactions and that neither the promoter nor the promoter group has any interest in the entities beyond the joint venture structure. The state-owned company also said approvals from the Department of Investment and Public Asset Management have been obtained, with the transaction expected to be completed in January 2026.

The investment is seen as a strategic move to secure long-term ethane supply logistics for OPaL’s petrochemical operations, while also expanding ONGC’s presence in the specialised shipping segment through international partnerships.

Shares of ONGC Ltd closed 0.47 per cent higher at Rs 243.50 ahead of the announcement. The stock has gained 3.98 per cent over the past month.