The government today approved the sale of its entire 73.47 percent stake in Dredging Corporation Of India Ltd., official sources said.
The sale could bring around Rs 1,400 crore to the exchequer, official sources said after the Cabinet meeting, chaired by Prime Minister Narendra Modi.
The dredging company is under the administrative control of the Shipping Ministry. It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.
A core group of secretaries on disinvestment, headed by the Cabinet Secretary, had already approved the sale of Dredging Corporation. The government think tank Niti Aayog too had favoured disinvestment.
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Source: Global Economy