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Govt planning strategic sale of Dredging Corp

An approval of the Cabinet Committee Economic Affairs (CCEA) would be sought soon, sources said.
PTI
New Delhi | Posted : Jun 19 2017 2:48AM | Updated: Jun 19 2017 1:48AM
Govt planning strategic sale of Dredging Corp
File Photo

The government is planning an outright sale of Dredging Corporation of India (DCIL) through auction, which could fetch about Rs 1,400 crore to the exchequer. Besides, there is a proposal to sell 100 per cent government holding in four unlisted companies- Kamarajar Port, HLL Lifecare, Indian Medicines & Pharmaceutical Corporation Ltd, and Karnataka Antibiotics  and Pharmaceuticals Ltd. According to sources, the core group of secretaries on disinvestment, headed by the cabinet secretary, has already approved the sale of these five companies.

The government think tank Niti Aayog too has favoured disinvestment.

An approval of the Cabinet Committee Economic Affairs (CCEA) would be sought soon, sources said.

The government currently holds 73.47 per cent stake in Dredging Corporation of India (DCIL). At the current market prices, sale of this stake would fetch about Rs 1,400 crore to the exchequer.