In line with Prime Minister Narendra Modi’s vision for India to attain developed nation status by 2047, the government is heavily investing in infrastructure upgrades to secure a larger share of revenue from growing trade, according to Reuters.
The proposed company, which is yet to be named, will be a joint effort among state-owned enterprises in the oil, gas, and fertilizer sectors, in collaboration with the state-run Shipping Corporation of India and potentially involving foreign partners.
To drive this ambitious initiative, India is facilitating partnerships between state-run oil companies and the newly planned shipping enterprise. Leveraging the expertise of established entities like the Shipping Corporation of India, the focus will be on acquiring tankers, optimizing ownership, and enhancing operational efficiencies.