India: Government to Sell Its Entire Stake in DCI
The Government has decided to sell off its entire public stake in Dredging Corporation of India (DCI).
The information was given today by the Minister of State for Road Transport and Highways, Shipping and Chemical & Fertilizers Shri Mansukh L Mandaviya.
According to the minister, this decision aims to upgrade technology, improve capability, infuse capital to buy necessary dredgers/equipment and instill experienced professional management to optimize operations of the DCI.
The Department of Investment and Public Asset Management (DIPAM) has obtained approval of the government to disinvest 100% Government of India Equity in DCI in one go through two-stage auction process, with the advice of the Transaction Advisor.
For the last couple of months, DCI employees have been protesting against the government’s proposal towards strategic sale of the company. One of the workers even committed suicide earlier in December, protesting against the move.