DCIL inks pact with Abu Dhabi firm for strategic collaboration
The execution of the projects will be either through a joint venture or as a consortium on a project to project basis
Visakhapatnam: In a significant development in diversification, Dredging Corporation of India Limited (DCIL), a Visakhapatnam headquartered public sector company, owned by four major ports, has signed an agreement with Abu Dhabi-based National Maritime Dredging Company, (NMDC), a conglomerate of marine infrastructure and dredging company for a strategic alliance.
Both the companies signed the MoU virtually on Monday. Capt S Divakar, Chief General Manager of DCIL and Engineer Yasser Nassr Zaghloul, the Group CEO of NMDC were signatories to the document.
The two companies are listed and have ambitious plans to expand their activities. The strategic alliance is expected to focus on areas that shall not be limited to capital dredging works, project development on BOT basis, operate ports as managers, participate in the public, private partnership in dredging works in accordance with the Dredging Policy of the Ministry of Ports, Shipping and Waterways.
The two companies intend to jointly take up port development, operations and management, reclamation works and development of multi-modal transportation. According to the MoU, the execution of the projects will be either through a joint venture or as a consortium on a project to project basis, a DCIL official told Bizz Buzz. The two companies have agreed on mutual participation and mutual bid submissions across the region on a project-to-project basis. They will also cooperate on projects which are subcontracted, through a consortium, or any other specific arrangements, by outlining their responsibilities that will be jointly agreed upon and delivered.