The Dredging Corporation of India (DCI) has signed a Memorandum of Understanding to achieve a turnover of Rs.770 crore during 2016-17.
MoU signed
The MoU was signed between Shipping Secretary Rajive Kumar and DCI Chairman and Managing Director Rajesh Tripathi. A category I mini ratna company, it had recorded a turnover of Rs.676 crore last year.
The MoU broadly consists of the performance evaluation parameters and targets for DCI for the year.
The MoU will be reviewed by the Ministry on a regular basis and the performance of PSU would be evaluated and ratings awarded at the end of the financial year. The targets agreed in the MoU are in line with the aggressive growth plans of DCI for making foray’s internationally in line with the Ministry of Shipping’s ambitious plans.
DCI has posted ‘very good’ performance during the last financial year as against ‘good’ during 2014-15 despite very difficult market conditions.
In the year ended March 31, 2016, DCI made a profit before tax and after tax of Rs. 83 crore and Rs.80 crore respectively representing an increase of 28 per cent and 29 per cent over the previous year.
