Rejecting protests from Plant unions, the Centre
has approved the sale of its entire 73.47 per cent stake in Dredging
Corporation of India Ltd (DCI) setting the stage for privatizing the state
owned company based in Visakhapatnam.
The Cabinet has approved the DCI disinvestment,
after its meeting chaired by Prime Minister Narendra Modi, media reports
emanating from the capital quoting official sources said.
The Union Cabinet and the Cabinet Committee on
Economic Affairs which met on November 2 but the official releases that
followed the meeting did not mention about the disinvestment decision on
Dredging Corporation of India
The sources 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 a few months ago.
Around the same time the committee had also decided about the disinvestment of
profit making Kamarajar port in Ennore. The fate of the port is however still