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

Press Trust of India  |  New Delhi 

Three major ports, including in Odisha, may acquire a stake in (DCI) based on availability of surplus funds lying with them, Parliament was informed today.

"During a meeting chaired by (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 (VPT), Port Trust (PPT) and (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," for Shipping 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

It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 06 2018. 19:35 IST