Oil and Natural Gas Corporation (ONGC) has floated a new company - Mangalore SEZ - for investment of Rs 35,000 crore in petrochemical, LNG and power projects at Mangalore.The special purpose vehicle was incorporated on February 24 at Bangalore to develop the Mangalore special economic zone, an official release said.ONGC, with 26% equity stake, is the anchor co-promoter of the SEZ. The government of karnataka through its department, Karnataka Industrial Area Development Board (KIADB) would take 23% stake while the remaining 51%would be held by Kannara Chamber of Commerce and Industry and Infrastructure Leasing and Financial Services (IL&FS)."The new Mangalore Port Trust (NMPT) has shown interest to join the SEZ, subject to approval from the ministry of shipping, road and transport. If NMPT joins, the combined equity of KIADB and NMPT would be 23%," the release added.