ONGC shares in focus after 50:50 shipping JV with Japan’s Mitsui OSK; key details

Shares of Oil and Natural Gas Corporation (ONGC) would be in focus on Friday after the state-run energy major announced a partnership update with a Japanese company regarding its logistics and supply chain operations.

On Thursday, shares of ONGC rose 0.70 per cent to settle at Rs 244 apiece on BSE over its previous close of Rs 242.30.

In a regulatory filing submitted to exchanges late Thursday, the company confirmed that it has finalised its partnership with Japanese transport giant Mitsui OSK Lines Ltd (MOL). The deal involves a strategic investment to establish a logistical foothold in the shipping industry.

ONGC has subscribed to equity shares in two newly incorporated entities: Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited. Both companies are registered in Gift City, Gandhinagar, the company said.

The energy giant has acquired a 50% shareholding in these entities through a private placement, making them 50:50 joint venture companies between ONGC and MOL.

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 company noted that the necessary approvals from the Department of Investment and Public Asset Management (DIPAM) have already been obtained for the formation of these JVs. The completion of the acquisition was indicated for January 2026.

Separately, in a move to strengthen its leadership team, ONGC also informed the exchanges that Bijay Rajeev has joined as Executive Director, effective January 22, 2026.