Dredging Corp selloff in works

new delhi: dredging corporation of india is going to be privatised, according to sources in the company. this public sector undertaking with sales of rs 417 crore did not figure in earlier disinvestment lists. dcil contemplated an ipo last year, said company sources, but that plan has been given up in favour of privatisation. over the last five years, the company’s net profit has grown at a compounded annual rate of 25 per cent, and in the october-december quarter its net profit rose 30 per cent. its share price has shot up from rs 90 to rs 220 on reports that the privatisation price could be in the region of rs 480. the company has a fleet of dredgers for dredging ports and reclaiming land. it faces competition from global dredging companies such as crown marine, jan de nul, boskalis and great lakes. these may well be among the bidders in the coming privatisation.