Shipping Corporation of India (SCI) is planning to float an Rs80bn ($1.71bn) tender to acquire 30 ships by 2012.
According to an SCI official, the vessels could be built in shipyards in South Korea and China.
The company, which currently owns 76 ships and has an order book of 30, will also increase its tonnage capacity from 5.1 million dwt to 12 million dwt in the next two years, according to The Economic Times.
The newspaper also said the company may expand into terminal management and shipbuilding to become a full-fledged maritime and logistic solution provider.
SCI plans to acquire 62 ships during the 11th Five-Year Plan (2007-12) for about Rs135bn ($2.8bn).