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Dredging Corporation of India

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Dredging Corporation of India Limited, or DCI, is an Indian dredging company[4] which does dredging for Indian seaports exclusively. It occasionally dredges at foreign seaports in countries such as Sri Lanka, Taiwan and Dubai.[5][6][7] It is mainly involved in maintenance dredging. Almost all the maintenance dredging in Indian seaports is carried out by DCI due to government regulations.[8][9] DCI is also involved in capital dredging, beach nourishment, and land reclamation.[10] The main seaports in which DCI does business are Visakhapatnam Port, Haldia, Kandla, Cochin Port and Ennore Port.

Dredging Corporation of India Limited
Company typePublic
Industry
Founded29 March 1976 (1976-03-29)[1]
Headquarters
Visakhapatnam
,
India
Key people
  • Capt. S. Divakar (Managing Director & CEO A/C)
[2]
ProductsMaintenance Dredging, Capital Dredging, Land Reclamation, Beach nourishment
RevenueDecrease ₹7,438 million (US$89 million)[3] (2014)
Increase ₹624 million (US$7.5 million)[3] (2014)
Number of employees
566[3] (2014)
Websitedredge-india.com

DCI is headquartered at Visakhapatnam and has project offices at many seaports in India. It reports to the Ministry of Shipping.[11] It is ISO 14001:2004 and ISO 9001:2008 certified.

About

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DCI was incorporated as a public sector company in March 1976. Companies Act 1956.[1] It was listed on CSE and DSE stock exchanges in October 1992 and debuted on BSE on 28 February 2000.[12] It went for an Initial public offering in March 2004.[13] DCI engaged IHC Dredgers BV, Netherlands for design, construction and delivery of 5500 cu. m TSHD in 2011.[14] It changed strategy to raise funds for purchasing additional dredgers by asking the seaports for investments.[15] The capital thus raised was used to replenish its old fleet. The Government of India reduced current stake in the company by 5 percent.[16][17] The offer for sale of 5 percent stake was well received by the investors.[18] As part of its diversification plans DCI expresses interest to foray into international markets.[19] Ex-chairman and managing director, Abraham Kuruvilla finds mention in bringing widespread reforms in the corporate management techniques at DCI.[20][21][22] On 1 November 2017, the Government of India approved the disinvestment of Dredging Corporation of India [23] On 8 November 2018, the Government of India approved the stake of DCI to 4 Government owned Ports. DCI has been handed over to 4 major ports viz: Vishakhapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust.[24]

Financial Performance summary

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The company has been through some rough weather with profits and revenues fluctuating wildly (see table below for detailed information). This is mainly due to its high dependency on Government funded projects and associated macro level economic fluctuations in the country.[3]

Year Revenue % Change Profit % Change
2015 ₹7,438 million (US$89 million)   −3.74% ₹624 million (US$7.5 million)   66.18%
2014 ₹7,727 million (US$93 million)   21.11% ₹375.5 million (US$4.5 million)   83.08%
2013 ₹6,380 million (US$76 million)   28.22% ₹205.1 million (US$2.5 million)   55.61%
2012 ₹4,976 million (US$60 million)   −4.80% ₹131.8 million (US$1.6 million)   −66.64%
2011 ₹5,227 million (US$63 million)   −24.67% ₹395.1 million (US$4.7 million)   −43.60%
2010 ₹6,939.5 million (US$83 million)   −16.61% ₹700.5 million (US$8.4 million)   51.07%
2009 ₹8,322 million (US$100 million)   7.87% ₹463.7 million (US$5.6 million)   −70.05%
2008 ₹7,715 million (US$92 million)   23.20% ₹1,548.2 million (US$19 million)   −17.97%
2007 ₹6,262 million (US$75 million)   14.96% ₹1,887.3 million (US$23 million)   6.95%

Fleet

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Dredger fleet consists mainly of Trailing Suction Hopper Dredgers (TSHD), Cutter Suction Dredgers (CSD) and Backhoe Dredgers.[25]

TSHD Class dredgers includes DCI Dredge VI, DCI Dredge VIII, DCI Dredge IX, DCI Dredge XI, DCI Dredge XII, DCI Dredge XIV, DCI Dredge XV, DCI Dredge XVI, DCI Dredge XVII, DCI Dredge XIX, DCI Dredge XX and DCI Dredge XXI. CSD category dredgers are DCI Dredge VII, DCI Dredge Aquarius, DCI Dredge XVIII and DCI ID Ganga. There is one Backhoe Dredger namely DCI Dredge BH1. There are multiple Survey Launches pressed into service viz. DCI Survey Launch I, DCI Survey Launch II, DCI Survey Launch III. The fleet also includes a multi-purpose craft DCI Multicat I and a special utility purpose craft named DCI Tug VII.

Projects

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References

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  1. ^ a b "Company Profile – History". Moneycontrol.com. Retrieved 6 January 2016.
  2. ^ "Board of Directors". Dredging Corporation of India. Archived from the original on 4 March 2016. Retrieved 6 January 2016.
  3. ^ a b c d "39th Annual Report 2014–15" (PDF). Dredging Corporation of India. Retrieved 6 January 2016.
  4. ^ Sridharan, K (1982). A Maritime History of India. Publications Division, Ministry of Information and Broadcasting, Government of India. p. 393.
  5. ^ "Company Profile". Reuters. Archived from the original on 5 February 2016. Retrieved 6 January 2016.
  6. ^ "Company Profile". HDFC securities. Retrieved 6 January 2016.
  7. ^ a b "Govt. turns to India for KKS Port project loan". The Daily Mirror. 4 April 2013.
  8. ^ Manoj, P (5 September 2013). "Dredging is a perennial problem area for India's ports". Mint.
  9. ^ Mehta, Pradeep S., ed. (2006). A functional competition policy for India. New Delhi: Academic Foundation in association with CUTS International, Jaipur. p. 240. ISBN 8171884938.
  10. ^ a b Patnaik, Santosh. "Beach nourishment drive yields result". The hindu.
  11. ^ Ghosh, S.N. (1998). Tidal hydraulic engineering. Rotterdam [u.a.]: Balkema. p. 137. ISBN 9054107359.
  12. ^ "Corporate Info Listing on BSE". Bombay Stock Exchange. Retrieved 6 January 2016.
  13. ^ "DCIL IPO Listing details". cmlinks.com. Retrieved 6 January 2016.
  14. ^ "Dredging Corporation of India signs a contract with IHC Dredgers BV, Netherlands". IndiaInfonline. 13 February 2014.
  15. ^ "Dredging Corporation in talks with ports to raise funds for dredgers". Business Line. 8 March 2013.
  16. ^ Paladhi, Arijit (14 January 2015). "Dredging Corp to yield little through divestment". Business Standard.
  17. ^ "Government plans to sell 5 per cent stake in Dredging Corporation of India Ltd". The Economic Times. 23 January 2015.
  18. ^ Dhanjan, Swaraj Singh (21 August 2015). "Dredging Corp. offer for sale subscribed 2.65 times". Mint.
  19. ^ Manoj, P (1 April 2015). "Dredging Corp. eyes inland waterways, foreign markets". Mint.
  20. ^ Posner, Barry Z.; Kouzes, James M.; DeKrey, Steven J. (2013). Making extraordinary things happen in asia applying the five practices of exemplary leadership. San Francisco, Calif.: Jossey-Bass. p. 49. ISBN 978-1118518540.
  21. ^ Dam, Congress organized by EADA on behalf of the World Organization of Dredging Associations WODA ... co-sponsored by IADC, International Association of Dredging Companies ... [] ; editor, V.L. van (1992). Dredging for development : proceedings of the XIIIth World Dredging Congress 1992, Bombay, India, 7–10 April 1992. Delft: WODA. p. ii. ISBN 818502720X. {{cite book}}: |first1= has generic name (help)CS1 maint: multiple names: authors list (link)
  22. ^ The Leadership Challenge (4th ed.). New York: Wiley. 2010. p. 22. ISBN 978-0470947593.
  23. ^ "PSU Disinvestment: Government approves entire 73% stake sale in Dredging Corp of India". November 2017.
  24. ^ "Cabinet Clears Strategic Sale of Government Equity in Dredging Corporation of India". 8 November 2018.
  25. ^ "Corporate Presentation" (PDF). Dredging Corporation of India. 16 August 2015.
  26. ^ "Dredging Corp. seeks arbitration to recover dues from Sethusamudram Project". Mint. 19 February 2013.
  27. ^ General Knowledge Manual (2007 ed.). Tata McGraw-Hill. p. 180.
  28. ^ Ghosh, G. K. (2002). Water of India : quality and quantity. New Delhi: A.P.H. Publ. Co. p. 76. ISBN 8176482943.
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