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Govt approves sale of entire 73 per cent stake to privatize Dredging Corporation

 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 not known.

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