Union Shipping Minister Nitin Gadkari’s remark that no decision has yet been taken on strategic disinvestment of Dredging Corporation of India (DCI) has led to speculation that the government is keen on offloading majority stake in the Category I ‘mini ratna’ company.
The net worth of the company is presently around ₹1,500 crore and the total fixed assets is estimated at ₹1,900 crore.
There is a demand that the DCI’s offer of 15% discount for all major ports to undertake maintenance dredging services and treat it as central dredging agency to cater to the requirements of all major ports be accepted as a bailout package.
In reply to a representation by BJP MP K. Haribabu, Mr. Gadkari admitted that the proposal was under consideration of the Department of Investment and Public Asset Management (Dipam), the nodal department for disinvestment of central public sector enterprises.
The employees who thought the proposal had been shelved are now angered over the recent development and feel that the deteriorating financial position would be used as a ploy to expedite the process for strategic sale.
DCI Non-executive Employees’ Union honorary president V.S. Padmanabha Raju alleged that the company, which had earned profits since inception in 1976, was being intentionally made sick to hand it over to private companies, forcing the employees to lead an uncertain future post-disinvestment.
He blamed the successive governments at the Centre for failing to release ₹167 crore, which DCI had put in the non-starter Sethusamudram project.
The employees feel that despite the recommendation of a Parliamentary Committee to release the amount long ago, the Centre had not shown any interest yet.
