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Maritime Development Fund to Acquire 10% Stake in Oil PSUs’ ₹15,000-Crore Shipping JV.                                                                                                                                 

The ₹25,000-crore Maritime Development Fund (MDF) is set to take a 10% stake in a new joint venture between Shipping Corporation of India (SCI), IOC, BPCL, and HPCL, aimed at strengthening India’s maritime capacity. The JV, expected to be operational by December 2025, plans to acquire 59 ships—including crude and gas carriers, tankers, and offshore vessels—through both new builds and secondhand purchases, with a total investment of ₹15,000 crore over five years. SCI, holding a 50% stake, will manage and operate the fleet, targeting two to three times current revenue and 50% operating margins. The JV will secure long-term cargo commitments from oil PSUs, ensuring stable utilisation and returns above 10–11% IRR. The initiative aligns with the government’s push for self-reliance in shipping, fostering orders for Indian shipyards and reducing dependence on foreign carriers.