No question of closure of DCI; 3 ports to pick up govt stake: 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.

"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.