Dredging Corporation of India Ltd to be privatised

New Delhi Nov 2: The union cabinet chaired by PM Modi on Wednesday has approved disinvestment of Dredging Corporation of India Ltd. (DCI) .currently the government owns 73.47 % share in the company.Officials have said that "the Cabinet had approved the sale of the government's entire 73.47% stake in the company".

The Government expects that this sale would fetch RS 1400 cr to the exchequer.The central government has a set a target of achieving RS 72,000 crore via disinvestment, strategic sales, minority stake sale, listing of Insurance companies for the financial year 2017-18.

The dredging company is under the administrative control of the shipping ministry. The main functions performed by the PSU are maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow-water dredging, project management consultancy and marine construction.

Earlier A core group of secretaries on disinvestment, headed by the Cabinet Secretary, had already approved the sale of DCI and the NITI Aayog also preferred disinvestment of the company.