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  Business   In Other News  13 Jul 2018  No question of closure of Dredging Corporation of India, says Gadkari

No question of closure of Dredging Corporation of India, says Gadkari

PTI
Published : Jul 13, 2018, 4:40 pm IST
Updated : Jul 13, 2018, 4:40 pm IST

Three major ports including Visakhapatnam Port plan to pick up government stake in the company.

There is no question of closure of state-owned Dredging Corporation of India (DCI) as three major ports including Visakhapatnam Port plan to pick up government stake in the company, said Shipping Minister Nitin Gadkari.
 There is no question of closure of state-owned Dredging Corporation of India (DCI) as three major ports including Visakhapatnam Port plan to pick up government stake in the company, said Shipping Minister Nitin Gadkari.

New Delhi: There is no question of closure of state-owned Dredging Corporation of India (DCI) as three major ports including Visakhapatnam Port plan to pick up government stake in the company, said Shipping Minister Nitin Gadkari.

"At the department level, we have taken a decision. The three major port are now ready to acquire DCI. We have already submitted cabinet note for approval of the cabinet," he said.

Besides Visakhapatnam, he said Paradeep Port and New Mangalore Port will buy stakes in the company. There is also plan to restructure the company so that professionally it becomes strong, he said. "So, the question does not arise about the closure of Dredging Corporation of India," he said.

Currently, the government holds 73 per cent stake in the company. The sale could bring around Rs 1,400 crore to the exchequer. The 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.

Tags: shipping ministry, dredging corporation of india, nitin gadkari, shipping minister
Location: India, Delhi, New Delhi