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
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