ONGC’s Tri-Party Power: New JV & ₹265Cr NE Gas Boost

The board of Oil and Natural Gas Corporation (ONGC) has approved the formation of a joint venture (JV) for integrated petrochemicals marketing, with a proposed shareholding structure of 50:25:25 between ONGC, Mangalore Refinery and Petrochemicals Limited (MRPL), and ONGC Petro additions Limited (OPaL), respectively. As part of the arrangement, ONGC will invest ₹25 crore as its equity contribution. The proposal is currently pending approval from the Department of Investment and Public Asset Management (DIPAM).

Separately, the board has cleared an equity investment of up to ₹79.48 crore and a corporate guarantee of up to ₹185.45 crore for Indradhanush Gas Grid Limited (IGGL) to support the Duliajan Feeder Line, a key component of the North East Gas Grid Project. With this, ONGC’s total financial commitment to the project will reach ₹264.93 crore.

These decisions align with ONGC’s broader strategy of supporting critical energy infrastructure, particularly in the northeastern region, and underscore its role in advancing national energy and connectivity initiatives.

News by Rahul Yelligetti.