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Dredging Corporation disinvestment opposed
Opposing the central government move of disinvestment of 51 per cent share of Dredging Corporation of India Limited (DCIL), the company employees union and officers association jointly demanded the NDA government to roll-back the decision.
Visakhapatnam: Opposing the central government move of disinvestment of 51 per cent share of Dredging Corporation of India Limited (DCIL), the company employees union and officers association jointly demanded the NDA government to roll-back the decision.
The DCIL, a mini navaratna company is attending to all the dredging needs of the Indian ports and also bagging several international dredging works. The company was established in 1976 and at present the Government of India share is 73.47 percent.
The DCIL is the only listed company having its corporate office in Visakhapatnam and having 46,000 shareholders. The present share price in the market is about Rs. 625 per share of face value of Rs.10 each.
While revealing about the facts of the company at a joint press conference DCIL Officers Association General Secretary N Neelakanta Rao and Employees Union working president P Venkata Rao strongly opposed the Union Government disinvestment move.
At present 600 regular employees and another 600 contract employees were working in the company. There was no need to disinvest the government stakes. Since its inception, the DCIL playing vital role in the strategic and infrastructure sector of the dredging by providing dredging services to all major ports and Indian Navy.
As on today with a fleet of 17 dredgers of various types and achieved stood in the top 10 ranks amongst companies across the world, Neelakanta Rao explained.Even after shift in the dredging policy of the Government which now asks the ports to award works only on tender basis and the DCIL has been able to secure works on tender basis.
The government has decided to sell its 51 per cent stake, taking the existing pattern of shareholding in the strategic PSU. With this decision almost losing more than half of stake in a strategic PSU, there would be adverse implications in future, Neelakanta Rao lamented.
The net worth of the company was Rs 1,500 crore and the total fixed assets around Rs 1,900 crore net. Any strategic sale to a single party may jeopardise the interests of the Indian ports. In view of the Dredging Institute at Antervedi under Sagarmala project for Andhra Pradesh for which a MoU is already signed and Sagaramala project connectivity of inland water ways, the DCI should be continued in the public sector only, the both leaders demanded.
