Lack of clarity on equity participation raises concerns over Make in India goals.

SCI-Led Shipping JV Faces Delay Amid Uncertainty Over ONGC’s Role.

The finalisation of a proposed ship-owning joint venture led by Shipping Corporation of India Ltd (SCI) has been delayed due to uncertainty surrounding the participation of Oil and Natural Gas Corporation Ltd (ONGC) and its subsidiaries. The JV aims to reduce India’s dependence on foreign vessels, conserve foreign exchange, and support domestic shipbuilding. Under the proposed structure, SCI will hold 50% equity, while Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and Sagarmala Finance Corporation Ltd will together hold 35%. ONGC, along with Hindustan Petroleum Corporation Ltd and Mangalore Refinery and Petrochemicals Ltd, is expected to take the remaining 15%, though clarity is still awaited. The delay has intensified concerns over alignment with the Make in India initiative, especially as ONGC has floated global tenders for vessel procurement despite domestic shipbuilding capabilities. Until ONGC’s position is clarified, the JV’s incorporation remains on hold.