The central government is considering selling Dredging Corporation of India via auction. The sale may fetch some Rs. 1,400 Crore. Moreover, a further suggestion to sell unlisted four government companies -Kamarajar Port, HLL Lifecare, Karnataka Antibiotics and Pharmaceuticals Ltd and Indian Medicines & Pharmaceutical Corporation Ltd.
Sources reveal that sale of all five companies is already approved by a group of secretaries on disinvestment. Also, Niti Aayog has agreed to disinvestment. Approval from CCEA will be seen in this matter now.
While the government has hold of 100 percent in Kamarajar Port, HLL Lifecare, Karnataka Antibiotics and Pharmaceuticals Ltd and Indian Medicines & Pharmaceutical Corporation Ltd, in Dredging Corporation of India government holds 73.47 percent share.
The latest current price of Dredging Corporation of India was some Rs. 690. In the year 2016-17, net profit of Dredging Corp was about 7.40 Crore.