Cyril Amarchand Mangaldas Advised ONGC On Joint Venture With Mitsui O.S.K. Lines
Cyril Amarchand Mangaldas advised ONGC on Joint Venture with Mitsui O.S.K. Lines
The leading full-service law firm Cyril Amarchand Mangaldas advised Oil and Natural Gas Corporation (ONGC) in relation to its joint venture with Japanese shipping major Mitsui O.S.K. Lines (MOL). The collaboration involves investment into two separate GIFT City incorporated 50:50 joint venture companies, namely Bharat Ethane IFSC One Private Limited and Bharat Ethane IFSC Two Private Limited.
Each joint venture company will own and operate one Very Large Ethane Carrier (VLEC). These vessels will operate under the Indian flag and will be deployed to transport ethane from the United States to meet the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC.
Through the deployment of VLECs for ethane transportation, ONGC aims to capitalize on emerging opportunities in energy logistics, strengthen integration across its value chain, and establish a robust operational presence in specialized shipping.
Cyril Amarchand Mangaldas undertook legal due diligence for Bharat Ethane IFSC One Private Limited and Bharat Ethane IFSC Two Private Limited, and was actively involved in the documentation and negotiation of the joint venture agreement as well as the capital contribution agreements.
The Cyril Amarchand Mangaldas team was led by Vivek Rathore (Partner) and Soumya Srivastava (Partner), with assistance from Satvik Kulshreshta (Principal Associate), Divya Rana (Senior Associate – Designate), and Associates Anamika Mishra and Sriniwas Chaudhary.
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