Media reports pre-empt PSA’s bid for shipping corp JV

The JV proposed between ONGC and SCI in offshore space met a watery grave much before the voyage set off.

The two PSU majors had decided to keep their stake in the company under 49%, and invited private companies and financial institutions to pick up the majority stake.

Senior officials from PSA Marine, a subsidiary of Port of Singapore Authority were in Mumbai and made presentations to SCI and ONGC in a bid to pick up a big stake in the JV.

However the story took an ugly turn when news was leaked out to the Indian media and PSA Marine was pulled up by its Singapore head office.

PSA was forced to issue a statement claiming there was no board decision to participate in the JV and that the reports were based on rumours.

SCI chairman S Hajara says PSA had “overreacted”. The JV seems to be taking a long time to be formed, especially after the exit of ONGC chief Subir Raha.