Fine dispersion of gas into liquid is one of the most important criteria for momentum, mass and energy transfer between the phases. It not only provides an intense mixing but also creates increased interfacial area and high mass transfer coefficient. A comprehensive study have been done on the gas holdup, pressure drop and energy dissipation during the gas-liquid two-phase flow in an ejector induced downflow bubble column. Experimental results were analyzed by previously established models. Correlations were also developed to predict the gas entrainment, gas holdup, two-phase friction factor and frictional loss coefficients in terms of physical, dynamic variables and the system parameters. Studies have also been made to measure the interfacial area and mass transfer coefficient of the present system using chemical method. It has been found that interfacial area and mass transfer coefficients are strong functions of superficial gas velocity.