Govt approves sale of entire 73% stake in Dredging Corporation

Posted by Daily Shipping Times on 03-11-2017        Tweet

NEW DELHI: The Government has approved the sale of its entire 73.47 per cent stake in Dredging Corporation of India Ltd (DCI).

The Cabinet has approved the DCI disinvestment, official sources said after the Cabinet meeting chaired by Prime Minister Narendra Modi.

They said the Cabinet has approved the sale of Government’s entire 73.47 per cent stake in the company, which could fetch about Rs. 1,400 crore to the exchequer.

The dredging company is under the administrative control of the Shipping Ministry.

It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.

A core group of secretaries on disinvestment, headed by the Cabinet Secretary, had approved the sale of DCI.