Australia had helped coordinate a search and rescue mission for the distant-water fishing vessel Lu Peng - Yuan Yu, owned by Penglai Jinglu Fishery Co Ltd based in Shandong province, which capsized early on Tuesday.
"Indian Navy's P8I aircraft undertook extensive search in the area and located the capsized fishing vessel on 18 May," a statement by the navy said.
It said the position of the capsized boat was relayed to the Chinese navy, adding that "subsequently, P8I also sighted the fishing vessel's life-raft and guided fishing vessel Lu Peng Yuan Yu 017 towards it".
The Indian navy is on standby to provide any additional assistance to the ongoing search-and-rescue efforts, it added.
Chinese state media had reported that the 39 people on board - 17 Chinese crew members, 17 Indonesians and five from the Philippines - were missing.
The Indian navy statement did not refer to them.
Chinese President Xi Jinping had ordered all efforts be made to search for survivors.
China's maritime search and rescue centre had informed relevant countries of the accident and the foreign ministry had told its missions in Australia, Sri Lanka, Maldives, Indonesia, the Philippines and other countries to coordinate search and rescue operations.
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