Dredging Corporation of India Ltd Share Price

History of Dredging Corporation of India Ltd

Dredging Corporation of India Limited, was established on March 29, 1976 with the primary objective of catering to the dredging requirements of Indian ports. The company is a pioneer organization in the field of dredging and maritime development. The Company is a Mini-Ratna Public Sector Enterprise, which offers four types of dredging services, namely maintenance dredging, capital dredging, beach nourishment and land reclamation. They do dredging mainly for Indian seaports, though occasionally they dredge at foreign seaports in countries such as Taiwan and Dubai. The company helps to ensure the continuous availability of the desired depths in shipping channels of the Major and Minot Ports, Navy, fishing harbor and other maritime organizations. The head office is located in the eastern ...seaboard of India at Visakhapatnam in Andhra Pradesh and project offices are located at all major ports in India. The company has enhanced autonomy with regard to capital expenditure, establishment of joint ventures, overseas offices and technology alliances. The company commenced their full fledged commercial operation from April 1, 1977. In the year 1977, the company was awarded a USD 10 million contract for the management of Yanbu Construction Port on the Red Sea in the Kingdom of Saudi Arabia, for three years. During the year 1981-83, they have efficiently performed stevedoring services at Yanbu Construction Support Port. During the year 2001-02, they executed shore pumbinig and reclamation works at Taichung Harber in Taiwan. The company associated themselves with the prestigious Sethusamudram Ship Channel Project. The Minsitry of Shipping, Road Transport and Highways set up a Special Purpose Vehicle in the name Sethusamudram Corporation Ltd and the company was one of the stakeholders in Sethusamudram Corporation Ltd, along with the Government of India, Shipping Corporation of India and Port Trusts of Tuticorin, Chennai, Visakhapatnam, Paradip and Ennore Port. The company contributed Rs 30 crore towards the equity for the Sethusamudram Corporation Ltd. The Government of India awarded capital dredging work of E3-E4 stretch in Palk Strait area adjoining Bay of Bengal to the company on nomination basis. One No. dumb cutter suction dredger of 2000 cum solids per hr capacity was delivered by MDL, Mumbai to DCI on 06.03.2010. The dredging works at the ICTT of Cochin Port Trust was completed and the container terminal was fully commissioned in 2012-13. DCI MUTLICAT an ancillary vessel was added to the fleet of DCI in 2016. The inland cutter suction dredger named as DCI GANGA was inducted into the fleet on 6th December, 2016. The vessel was put into operation at the dredging project was carried out at Puducherry. Two vessels DCI Dredge VII and DCI Dredge IX were decommissioned and sold as scrap during the year 2017-18. The Government of India (GOI) completed the Strategic disinvestment of DCIL by way of the transfer of management control and sale of whole of 73.47% Equity Share Capital of DCIL held by GOI to the four ports - Visakhapatnam Port Trust, Paradip Port Trust, Deendayal Port Trust and Jawaharlal Nehru Port Trust. The Share Purchase Agreement was executed on 08th March 2019 and subsequently, the New Management took charge of the Company from 08th March 2019. Dredge IX a 4500 Cu.M TSHD built in 1984 was decommissioned in 2019. In 2022-23, DCI completed the maintenance dredging of Entrance Channel, Dr. Ambedkar Dock Basin, Bharathi Dock Basin, Jawahar Dock, Turning Circle and all berths of Chennai Port for the year 2022-23. It commissioned the capital and maintenance dredging work at Kamarajar Port. In 2023-24, the Ministry accorded the approval for procurement of Trailing Suction Hopper Dredger (TSHD) with a hopper capacity of 12,000 cubic meters by the Company to be constructed at Cochin Shipyard Limited costing Rs 10.4 EURO's.