Ignoring the protests from the employees and political parties, the Centre has issued the Request for Proposal (RFP) notification for appointment of a valuer for assessing the assets of the Dredging Corporation of India (DCI) to go ahead for strategic sale of its equity.
Roadmap
As per the roadmap drawn by the Ministry of Shipping, the pre-bid meeting will be convened on December 29. Sixty days time will be given to the qualified asset valuer to complete the task.
The last date for receipt of documents is January 10. The Request for Proposal proposals will be opened at 3.30 p.m. the same day.
DCI is a profit-making Schedule I ‘mini ratna’ company under the Ministry of Shipping with its corporate office in Visakhapatnam.
Since its inception as a wholly-owned Government of India undertaking, with the primary objective of catering to the dredging requirements of ports in the country, it has been earning net profit without fail.
The Centre had disinvested 1.44%, 20%, and 5%, and subsequently 0.09% (employee offer) of its shareholding in the company in 1992, 2004, 2015, and 2016 respectively.
The present shareholding of the Centre is 73.47%. The equity shares of the company are listed on NSE, BSE, and CSE.
The company had been declared a ‘mini ratna’ Category I public sector enterprise in 1999. Following the September 29 Union Cabinet approval, an Inter-Ministerial Group was set up to facilitate DCI’s privatisation.
The Ministry of Shipping contends that the government is considering strategic sale with transfer of management control.
“For this purpose, the Ministry of Shipping, on behalf of the Government of India, requires the services of reputed asset valuer to carry out the valuation of assets of DCI,” the RFP notification says.
The company specialises in capital dredging, maintenance dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy, and marine construction.
Naidu’s promise
During his recent visit to Visakhapatnam, Chief Minister and TDP national president N. Chandrababu Naidu promised the employees of the Dredging Corporation of India that he would convince the Centre not to go ahead with privatisation of the company. An employee N. Venkatesh had committed suicide soon after the Union Cabinet’s decision on strategic sale of equity, which subsequently led to payment of ex gratia of ₹5 lakh each to the next of kin of the deceased by the Andhra Pradesh Government and the Dredging Corporation of India management.
Strike ends
Meanwhile, the three-day cease work agitation by the employees concluded.
A decision for going on an indefinite camp will be taken shortly after consulting all the unions, a spokesman for ‘Save DCI JAC’ said. Meanwhile, the relay hunger strike by the employees entered the 25th day on Friday.
Former MLA Malla Vijaya Prasad, Tayanalala Vijaya Kumar and several leaders from YSR Congress, Jana Sena and Democratic Youth Federation of India visited the hunger strike camp and extended their support to their fight against privatisation.
