Why is this 41-year-old government company selling itself?
Why is this 41-year-old government company selling itself?
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The Narendra Modi government is going to sell the entire stake of the 41-year-old Mini Ratna Company Dredging Corporation. The government has 73.46 percent stake in Dredging Corp. It is estimated to be about Rs.1400 crores in the public exchequer. This company is subject to the shipping ministry.

Dredging Corporation was established in Visakhapatnam in 1976. This company is connected to maintenance dredging, capital dredging, beach, land reclamation, Water Dredging, Project Management Consultancy and Marine Construction.

At the Cabinet Committee on Economic Affairs meeting, the proposal to sell the Dredging Corporation of India has been approved. Dredging Corp agreed to sell the entire government stake together. The government has 73.46 percent stake in Dredging Corp. The Cabinet has approved the sale of a stake in 5 other companies besides Dredging Corp.

Experts say that the performance of the Dredging Corporation has been disappointing for many years. In the April-June quarter, the company's profit was 3.97 crores without change. Meanwhile, the company's income grew 10.8 percent to Rs 157.9 crore.

There are about 500 employees in the Dredging Corporation. According to the shipping ministry official, the company employees have a VR option. Apart from this, the owner of the company will decide on the employees only.This is a listed company on the BSE and NSE.

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