Archive · 23 Jan 2026
ONGC Forms 50:50 Shipping JV with Japan’s Mitsui
ONGC, a big Indian oil company, has teamed up with a Japanese shipping company called Mitsui OSK Lines.
They are creating two new companies together, each owning half.
ONGC spent 4 crore rupees to buy shares in these new companies.
The deal is expected to finish by January 2026.
Also, ONGC has a new leader joining next year.
This partnership is to help both companies with shipping and logistics, which means moving goods from one place to another more efficiently.
ONGC has formed a 50:50 joint venture with Mitsui OSK Lines Ltd (MOL) to establish a logistical foothold in the shipping industry.
ONGC has subscribed to equity shares in two new entities: Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited.
The transaction involved a cash consideration of Rs 4 crore, with ONGC purchasing 2,00,000 equity shares in each firm at a face value of Rs 100 each.
The necessary approvals from the Department of Investment and Public Asset Management (DIPAM) have been obtained for the formation of these JVs.
Bijay Rajeev has joined as Executive Director of ONGC, effective January 22, 2026.
- Who
- Oil and Natural Gas Corporation (ONGC) and Mitsui OSK Lines Ltd (MOL)
- What
- Formation of a 50:50 joint venture in the shipping industry
- When
- Completion of the acquisition is set for January 2026
- Where
- Gift City, Gandhinagar, India
- Why
- To establish a logistical foothold in the shipping industry and strengthen leadership team
- Company
- Oil and Natural Gas Corporation (ONGC)
- Partner
- Mitsui OSK Lines Ltd (MOL)
- JV Entities
- Bharat Ethane One IFSC Private Limited, Bharat Ethane Two IFSC Private Limited
- Shareholding
- 50% each
- Investment
- Rs 4 crore
- Shares Purchased
- 2,00,000 equity shares in each firm
- Share Value
- Rs 100 each
- Completion Date
- January 2026
- New Executive Director
- Bijay Rajeev
- Effective Date for New Executive Director
- January 22, 2026