Stir against DCI privatisation enters 37th day

ANI | Updated: Jan 03, 2018 17:15 IST

Visakhapatnam (Andhra Pradesh) [India] January 3 (ANI): The agitation by the employees of the public sector Dredging Corporation of India (DCI) here against the proposed 100 percent strategic sale of equity has entered its 37th day.

"A decision for going on an indefinite camp will be taken shortly after consulting all the unions", a spokesperson for 'Save DCI JAC' said.

Ignoring the protests from the employees and political parties, the Centre issued the Request for Proposal (RFP) notification for appointment of a valuer for assessing the assets of the DCI to go ahead for strategic sale of its equity.

The DCI is a profit-making Schedule-I mini-ratna company under the Ministry of Shipping with its corporate office in Visakhapatnam.

Since its inception as a wholly-owned Government of India undertaking, with the primary objective of catering to the dredging requirements of ports in the country, it has been earning a net profit without fail.

The Centre had disinvested 1.44%, 20%, and 5%, and subsequently 0.09% (employee offer) of its shareholding in the company in 1992, 2004, 2015, and 2016 respectively.

The present shareholding of the Centre is 73.47% and the equity shares of the company are listed on NSE, BSE, and CSE.

The company had been declared a mini-ratna Category I public sector enterprise in 1999.

Following the September 29 Union Cabinet approval, an Inter-Ministerial Group was set up to facilitate the DCI's privatisation.

The company specialises in capital dredging, maintenance dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy, and marine construction. (ANI)