Japan's Mitsui OSK Lines (MOL) has set up a VLCC and VLGC company in India to take advantage of state subsidies.
The company told TradeWinds that Sakura Energy Transport was set up in Mumbai in April.
The new operation owns and operates two India-flag ships.
A spokeswoman for the Japanese group said the venture is part of its latest management drive called "Rolling Plan 2021".
