Sale of Entire Public Stake in DCIL
By Aiswarya Lakshmi
Monday, February 5, 2018
The Government of India has decided to sell off its entire public stake in Dredging Corporation of India (DCIL), said the Minister of State for Shipping Mansukh L Mandaviya.
This decision aims to upgrade technology, improve capability, infuse capital to buy necessary dredgers/equipments and instill experienced professional management to optimize operations of the DCIL, Indian public sector unit engaged in the business of dredging.
The Department of Investment and Public Asset Management (DIPAM) has obtained approval of the Government to disinvest 100% Government of India Equity in DCIL in one go through two-stage auction process, with the advice of the Transaction Advisor.
DCIL does dredging for Indian seaports exclusively. Few months ago, there were media reports that the government had already started the process to sell its entire stake — 74.38% at the end of September.
Earlier the Cabinet of ministers has cleared the proposal and the government invited transaction advisers for the sale, with a January 29 deadline to submit their bids.