Dredging Corp workers on 'relay fast' against disinvestment

Dredging Corporation of India (DCI) today said its employees are on a "relay fast demonstration" till December 5 to protest against the government's move to sell its entire stake in the company.

The non-executive workers' union of the company has already threatened to launch an indefinite strike on or after December 6, 2017, to protest against the stake sale.

"The employees of DCI are participating in a 'relay fast demonstration' at Visakhapatnam from November 27 to December 5 from 900 hours to 1800 hours every day against the central government's decision for sale of entire stake...," Dredging Corporation of India Ltd said in a regulatory filing to the BSE on Tuesday.

It said the management has taken steps for the smooth functioning of the operations of the company and their is no disruption in the operations of the company.

Opposing the divestment plan, company workers, including shore-based executives, had gone on a mass leave on November 21 at Visakhapatnam.

The government, on November 1, approved sale of its entire 73.47 per cent stake in the DCI.

The company has earlier said its management is holding discussions with the union to call-off the strike.

Earlier on November 21, after the Department of Investment and Public Asset Management, Ministry of Finance informed the company regarding constitution of an inter ministerial group for appointing transactional and legal advisers for the stake sale, both the shore based executives and non-executives of DCI at Head Office, Visakhapatnam had gone on mass leave.

The employees had also staged a dharna at the main gate and did not allow the Directors and the CMD to enter the head office.

The disinvestment of the government's entire 73.47 percent stake in the company could fetch about Rs 1,400 crore to the exchequer.

The dredging company is under the administrative control of the shipping ministry.

It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.