Petronet LNG Limited formed as Joint Venture Company (JVC) has 50 % share-holding of leading 4 Oil & Gas PSUs viz. Oil & Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and GAIL (India) Limited each having an equity of 12.5%, totalling to 50% PSU’s shareholding. It is an independent Board managed JVC created for development of facilities for the import, storage and regasification of Liquefied Natural Gas in the country.