Govt to offload 20% stake in DCI through IPO

MUMBAI: The government is planning to come up with an Initial Public Offering (IPO) to divest 20 per cent of its stake in Dredging Corporation of India (DCI) by January and raise Rs 250 crore in the process.
"We will come out with an IPO in next 3-4 months to offload 20 per cent of the 98.56 per cent government holding in DCI," Union Minister of State for Shipping Dilip Gandhi told reporters here.
He said the timing of the IPO would be crucial and the Government hopes to mop up about Rs 250 crore given the current bullish run in the market.
Kotak Mahindra and Enam Consulants Ltd have been shortlisted as financial advisers for the process, he said.
Union Shipping Secretary D T Joseph said the government was looking into the terms and conditions of the Vallarpadam trans-shipment container terminal project, off Kochi as no bids were received before the deadline of September 12.
Instead, the ministry was planning to make the project a phased programme which would include strengthening of the Rajiv Gandhi container terminal (RCGT) by the private operator followed by the second phase of developing Vallarpadam island as another terminal.
He said the Sagarmala project which includes connecting the ports and inland waterways and strengthening of maritime infrastructure would cost about Rs 1,00,000 crore and is expected to come up within the next 8-10 years.