Three major ports including Paradip may pick up stake in Dredging Corp

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, Parliament was informed today.

"During a meeting chaired by Secretary (Shipping) with Chairmen/Chairmen I/C of the Major Ports held on June 18, 2018, divestment proposal of DCI was discussed and 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," Minister of State for Shipping Mansukh L Mandaviya told the Rajya Sabha in a written reply.

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

Currently, the government holds 73 per cent stake in the company.

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.