rss icon Subscribe
desktop mobile

Indian Govt Sells Stake in Dredging Corporation

Pic: Dredging Corporation of India (DCIL)

Shailaja A. Lakshmi

The Union government of India (GoI) has concluded the strategic sale of Dredging Corporation of India (DCIL) to a consortium of four ports Vishakapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust & Deendayal Port Trust.

The share purchase agreement was executed between GOI and the four ports on March 08. The government held 73.47 per cent equity stake in the company.

Of 73.47 per cent, the Vishakapatnam Port Trust bought 19.47 per cent, Paradeep Port Trust 18 per cent, Jawaharlal Nehru Port Trust 18 per cent and Deendayal Port Trust 18 per cent.

Further, the Securities and Exchange Board of India granted exemption to the consortium of ports from making an open offer, in line with the requirements of Regulations 3 and 4 of the Takeover Regulations.

The government had said the stake sale in Dredging Corp will facilitate linkage of dredging activities with ports and diversification of ports into third-party dredging.

DCIL was incorporated on 29th March, 1976 as wholly owned Government of India Undertaking with the primary objective of catering to the dredging requirements of Indian ports.

DCIL was initially incorporated as a 100% Government owned Company. The GOI disinvested 1.44%, 20%, 5% and subsequently 0.09% (employee offer) of its share holding in the Company in the years 1992, 2004, 2015 and 2016 respectively.

After these disinvestments, the shareholding of the Government of India is 73.47%. The Company undertakes Capital Dredging, Maintenance Dredging, Beach Nourishment, Land Reclamation, Shallow water Dredging, Project Management Consultancy and Marine Construction for Major Ports, Indian Navy etc.

Mar 8, 2019

 

Finance

Pacific Radiance Wins Case Against Chinese Yard

Image: Pacific Radiance

Singapore-based offshore vessel operator Pacific Radiance has won an arbitration award against a

Star Bulk Carriers Reports Q1 Loss

Pic: Star Bulk Carriers Corp.

Greek shipping company Star Bulk Carriers Corp reported a net loss of $5.3 million, or $0.

ZIM Cuts Q1 Net Loss

Pic: Zim

The Israel-headquartered container carrier Zim Integrated Shipping Services (ZIM) reported  a

Dredging

Iran, Iraq to Dredge Arvand river

Image: Ports & Maritime Organization

Iran and Iraq have agreed to solve the issue of dredging of Arvand River (Shatt al-Arab) in

Damen Delivers MAD3500

Pic: Damen Shipyards

Screening installation Marine Aggregate Dredger (MAD) 3500 has been fully assembled at the Damen

Van Oord's Werkendam Begins First Job

Werkendam. Photo: Van Oord.com

Dutch dredging specialist Van Oord said LNG-powered crane vessel, Werkendam started work on its

Maritime Apps