APSEZ mulling to buy stake in Dredging Corporation of India

Posted by Daily Shipping Times on 17-07-2017        Tweet

AHMEDABAD: Adani Ports and Special Economic Zone (APSEZ), largest in Port sector among private players, would reportedly enter the fray for acquiring the Government stake in Dredging Corporation of India (DCI), a Mini-Ratna Public Sector Unit.

The Government apparently wishes to sell a 51 per cent stake; it has 73.47 per cent in the dredging major, which posted an 82 per cent drop in net profit for 2016-17. APSEZ has a fleet of 19 dredgers and would compete for the stake with other domestic dredging entities.

An APSEZ spokesperson said, "We believe in both organic and inorganic growth strategies and are always focused on identifying opportunities to grow."

APSEZ has the largest dredging capacity in the Country. It primarily employs its dredgers for captive purposes but has begun taking outside work in the past two years, having done work for Tata Power and Gangavaram Port, among others.