In the other semis' played at Chowk Stadium on Monday Rizvi Builders sneaked past Air India by four runs.
Both the teams made it to the title clash round of the tourney for the first time in the history of the Sheesh Mahal cricket tournament.
At the K D Singh Babu stadium, the Indian Oil team amassed 273/3 in their innings with the help of fine unbeaten century by Cheteshwar Pujara (109), well compiled hard-hit half-centuries by Ravikant Shukla (61) and Skipper Aditya Tare (51).
Pujara's 119-ball knock was studded with eight hits to the fence and three over it. The Saurashtra batsman was involved in two fruitful partnerships. He added 123 runs with the UP Ranji batsman Shukla and forged a rapidfire 95-run stand with Tare for the fourth wicket stand.
ONGC chasing a daunting target got off to a flier scoring at 10 per over in the first five overs before stumbling against pace of Anand Rajan (3/45) and wiles and giles of leggie Abhishek Raut (4/44) eventually falling short of 44 runs. Radhey Shyam (60) and skipper Rizwan Shamshad (73) put up some fight in the losing cause.
Indian Oil skipper Aditya Tare earned man-of-the-match award for his fine effort with the bat and big gloves.
In the other semis' played at Chowk Stadium, a jigsaw contest, Rizvi Builders managed to snatch a narrow four-run win over the fancied Air India.
Air India chasing a not-so-stiff 251-run target of 251, stumbled early on losing the first three wickets cheaply before Deepak Joon (80) and Shafiq Khan (36) revived the tottering Air India ship. Shafiq departed mid way thro' to leave the responsablity of steering
Air India home on Joon. Joon edged his side closer with some brisk runs in the final overs before pacer Paresh Patel swung the game in Rizvi Builders favour with two quick wickets in the final over.
Earlier, batting first Rizvi Builders scored 250/9. Karan Sharma was the top-scored with 55. Prashant Gupta (44) and Deepak Yadav (31) were the other major contributors.
Final is scheduled to be played at the K D Singh Babu Stadium on June 11.
Indian Oil 273/3 in 40 overs (Cheteshwar Pujara 109 n o, Ravikanth Shukla 63, Aditya Tare 51 n o; Rizwan 1/40, V Sood 1/57, V Malik 1/60) beat ONGC 229 all out (Radhey Shyam 60, Rizwan 73; Abhishek 4/44, Anand Rajan 3/45, B Shirke 2/41) by 44 runs.
Rizvi Builders 250/9 in 40 overs (Karan Sharma 55, Prashant 44, Deepak Yadav 31; Ajit chandela 5/30, Abid Khan 2/39) beat Air India 246 (Deepak Joon 80, Chandela 40, Shafiq 36; Paresh Patel 4/32, S P Singh 2/26 and Karan 2/32).