New Delhi In an attempt to de-risk its exploration business, state-owned Oil and Natural Gas Corp (ONGC) plans to foray into gas retailing business through a new subsidiary -- ONGC Gas Ltd.

ONGC would use the new subsidiary for its foray into city gas distribution business and sale of imported liquefied natural gas (LNG), company officials said here. The new unit may be aimed at making amends to the company letting go lucrative opportunities to enter gas business.