Ports to Acquire Controlling Stakes in Dredging Corporation of India

India's three major ports, including Paradip in Odisha, may acquire a stake in Dredging Corporation of India (DCI) based on availability of surplus funds lying with them.

"In a meeting chaired by Secretary (Shipping) with Chairmen/Chairmen I/C of Major Ports, held on 18th June 2018, the disinvestment proposal of Dredging Corporation of India Ltd (DCI) was discussed," Minister of State for Shipping Mansukh L Mandaviya informed the Parliament.

"It was suggested that Visakhapatnam Port Trust (VPT), Paradip Port Trust (PPT) and New Mangalore Port Trust (NMPT), based on the availability of surplus fund lying with them may strive to acquire shares of DCI given the linkage of dredging activity with the Ports," he said.

A committee to understand the modalities with regard to proposal of acquiring shares of DCI by three ports has been constituted, he said.

DCI is a Indian public sector unit engaged in the business of dredging. Currently, the government holds 73 per cent stake in the company.