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Dredging Corp employees observe relay fast against 100 pct stake sale

The employees of Dredging Corporation of India Ltd (DCIL) are participating in a relay fast at Visakhapatnam from 27th Nov to 5th Dec against central govt decision for sale of entire stake in DCIL, says a note on 28th Nov. The management has taken steps for smooth functioning of the operations of the company and the dredgers and there is no disruption in the operations of the company, adds the note.

The Union Cabinet on 1st Nov has approved the sale of its entire stake of 73.47% in the 41-year-old mini ratna firm Dredging Corp. of India. Union shipping ministry sources have told media that stake sale is likely to fetch around Rs 1,400-1,500 crore to the state exchequer. The company was put on block following the decline of profits for the past few years.

Established in 1976, Vishakhapatnam-based Public Sector Undertaking company, Dredging Corporation is involved in maintenance dredging for various major ports, beach nourishment, land reclamation, shallow water dredging and project management consulting. Dredging Corp. employs around 500 people and is listed on BSE and National Stock Exchange.

With the sale of stake, the government will completely exit the dredging operations business. The Company had a strong case for disinvestment and core group of secretaries on disinvestment approved DCI stake sale backed by Niti Aayog too.  The company earned profit of Rs7.12 crore after tax in 2016-17 as against Rs 43.50 crore in the previous year. The company’s employees would have an option to go for a voluntary retirement scheme (VRS) following hiving off the stake.


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