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Move to reshape equity structure, strengthen India’s energy shipping capacity.

ONGC to Join Shipping Corp–Oil PSUs JV as Equity Partner.

The government has decided to induct Oil and Natural Gas Corporation Ltd (ONGC) as an equity partner in the proposed joint venture led by Shipping Corporation of India Ltd, alongside Indian Oil Corporation, BPCL and HPCL, to acquire and operate ships for state-owned oil and gas companies. A senior government official confirmed that ONGC’s entry will slightly alter the equity structure of the soon-to-be-incorporated JV. Shipping Corporation of India will retain a majority stake of 50%, while Sagarmala Finance Corporation Ltd will hold 10% on behalf of the Maritime Development Fund, marking its first equity investment. The remaining 40% stake will be reallocated among the oil companies with ONGC’s inclusion. The JV plans to invest around ₹15,000 crore over five years to acquire 59 vessels, including crude carriers, gas carriers and tankers. ONGC has the largest shipping requirement, accounting for 28 of the proposed ships, reinforcing its strategic role in the venture.