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Govt decides to control Dredging Corporation of India through major ports

After dithering for over a year, the government decided that the three government owned Major Ports, Paradip,Visakhapatnam and New Mangalore will acquire controlling stake in Dredging Corporation of India (DCI. The Shipping Minister Nitin Gadkari announced the decision after a review of the port sector he had with chairmen of twelve major ports here last week.

He said that DCI would undergo modernization of its operations and would be involved in the inland waterways space. The corporation which owns dredgers is involved in both capital and maintenance dredging in major and minor ports of the country.

 In 2017, the Cabinet Committee on Economic Affairs had approved strategic disinvestment in DCI, along with transfer of management control. The government holds 73.47 per cent of the paid-up equity in the company, reports added.

The trade unions of the state owned corporation based in Visakhapatnam opposed the disinvestment move and handing it over to the private sector. It has taken the government more than a year to decide that the controlling stakes of the company will rest with three major ports.

 

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