First major test of India’s shipbuilding push after the government incentive package.

Indian Shipyards Bid for ONGC’s Platform Supply Vessel Order.

Leading Indian shipbuilders, including Cochin Shipyard Ltd, Garden Reach Shipbuilders & Engineers Ltd, Hindustan Shipyard Ltd, L&T Shipbuilding Ltd and Titagarh Naval Systems Ltd, have submitted bids for a global tender floated by Oil and Natural Gas Corporation to build four Platform Supply Vessels (PSVs). The contract could be worth over ₹21,000 crore and did not attract any foreign shipyard participation. The tender, which closed on March 20, is among the first commercial shipbuilding bids after the Union Cabinet approved a ₹269,725 crore package to boost domestic shipbuilding and make India a top global hub. Foreign yards reportedly stayed away due to ONGC’s Right of First Refusal clause, allowing Indian yards to match the lowest foreign bid. The winning shipyard will receive 15–20% government financial assistance. ONGC aims to own strategic vessels to reduce dependence on volatile charter markets, as state-owned oil firms will require 59 ships over the next 15 years.