Brighter days ahead for DCIL post acquisition by consortium of major ports

Visakhapatnam: VISAKHAPATNAM-headquartered Dredging Corporation of India Limited (DCIL) is confident of bright days ahead with hectic efforts underway to sign 18 MoUs worth Rs 14,000 crore during Maritime India Summit being held in virtual mode by the Ministry of Ports, Shipping and Waterways from March 2 to 4.

After inking an MoU with Cochin Shipyard Limited (CSL) in the presence of Mansukh Mandaviya, Union Minister for Ports, Shipping and Waterways for construction of a new high-capacity dredger at a cost of Rs 800 crore, DCIL Managing Director Rajesh Tripathi told -Bizz Buzz- that they were signing several MoUs under Atmanirbhar Bharat launched by Prime Minister Narendra Modi to achieve self-reliance.

The company has already signed agreements worth Rs 9,430 crore in the last few days of the Maritime India Summit. MoUs for Rs 2438 crore are already in force. "The signing of MoUs to the tune of Rs 14,000 will be a major step to make DCIL globally competitive," Tripathi said. As part of capacity augmentation, DCIL on Wednesday inked MoU with CSL for construction of 12,000 cubic meters Trailing Suction Hopper Dredger. The company also has plans to increase capacity by resorting to jumboisation to increase capacity of dredgers from 5,500 to 7,500 cubic metres by opting for technological upgradation. All these efforts are aimed at achieving a hopper capacity of 105 million cubic metres from the present 60 million cubic metres.

The MoUs being signed during the Maritime India Summit include a five-year beach nourishment contract with Visakhapatnam Port Trust, Rs 250 crore of rock dredging works and three greenfield port development at a cost of Rs 900 crore.

DCIL has bagged channel maintenance works from Haldia-Kolkata, Deendayal, Cochin and other ports which form part of a lion's share in the total MoUs being signed during the summit. It is signing an agreement for an amount of Rs 220 crore for bathymetry survey of three ports, Rs 100 crore for five-year sand trap dredging, Rs 300 crore for upgradation of dredgers, Rs 500 crore for dredger dry docking repairs and Rs 200 crore for dredging works at CSL.

DCIL CEO and MD designate GYV Victor said the company was playing a key role in the government's mission to achieve self-reliance by developing and maintaining the country's coastline.

DCIL which was listed for strategic sale by the NDA Government was later taken over by consortium of four major ports comprising Visakhapatnam, Deendayal (Kandla), Paradeep and Jawaharlal Nehru (JNPT) port trusts by paying Rs 1,050 crore in 2019 to acquire government equity of 73.47 per cent

DCIL at its 44th Annual General Meeting held on December 12 last year had approved the financial results for 2019-20. The PAT at the meeting was approved at Rs 551 lakh as against Rs 3,803 lakh for the previous year.

The operational income of the company was put at Rs 749.69 crore as compared to Rs 691.74 crore for the previous year. The total income for the year was Rs 755.29 crore as against Rs 698.52 crore for the previous year.