Dredging Company of India wins three yr settlement with Visakhapatnam Port Authority, Infra Information, ET Infra

Visakhapatnam: State-run Dredging Company of India Restricted (DCI) has gained a three-year upkeep dredging contract from Visakhapatnam Port Authority, which can also be state-owned, in a deal value Rs 57 crore.

The contract was awarded on nomination foundation (with out tender). That is the primary three-year annual upkeep dredging deal awarded by the Visakhapatnam Port Authority to the Dredging Company of India.

The Visakhapatnam Port Authority is the biggest shareholder among the many 4 state-owned main port authorities, which owns DCI with a 19.47 per cent stake. The opposite three – Jawaharlal Nehru Port Authority, Deendayal Port Authority and Paradip Port Authority – every maintain 18 per cent stake within the dredging contractor.

“Visakhapatnam Port Authority has awarded annual upkeep dredging contract to Dredging Company of India which incorporates dredging at New Sand Lure (NST), its strategy and different areas of the port and shore dredging for seashore nourishment for 3 years. Together with pumping the fabric by 2025,” mentioned a DCI spokesperson.

The spokesman mentioned that DCI goals to realize a income of Rs 1,000 crore within the monetary yr that started in April.

After being acquired by 4 main port authorities in March 2019, DCI has obtained dredging work from its promoter ports together with Jawaharlal Nehru Port Authority on nomination foundation.

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