Established in 1993 by The Great Eastern Shipping Company Limited as a tribute to its founder, Vasant J. Sheth, who formed the company in 1948 and rose to Chairman till his untimely death in 1992. His foresight and vision propelled the company to success and transformed it into India's largest private sector shipping company.

At 29, Vasant Sheth was the youngest ever President of the Indian National Shipowners' Association. He was bestowed a Norwegian Knighthood in 1988 and posthumously the Varuna Award in India in 1993.

The Foundation aims to sustain Vasant J. Sheth's philanthropic ideal to promote maritime education; address social and environmental issues and raise awareness about the valuable contribution of the Indian maritime industry.

To actively engage in both short and long-term projects that promote:

• Maritime conservation and education
  
• Welfare of the coastal communities of India
  
• Significance of Indian maritime history

• Actively interest itself in aspects of maritime studies including shipping, shipbuilding, ship management, navigation, marine engineering, naval history, archaeology, nautical education, marine conservation and the seas;
  
• Establish, maintain, control, conduct, manage and financially assist institutions and persons engaged in or concerned with any of the aforesaid activities;
  
• Found and support institutions, libraries, reading rooms, museums, endowments, chairs, curricula, courses and conferences;
  
• Undertake, assist and support research and training programmes, award scholarships, prizes and trophies, hold lectures and exhibitions, to collect and disseminate information and literature to publish books, newspapers, newsletters and other publications;
  
• Highlight the history, role and development of the shipping industry in all aspects;
  
• Undertake such activities as may be necessary, expedient, conducive, or incidental to the attainment of the above objects.