Moneycontrol
Last Updated : Mar 06, 2017 11:44 AM IST | Source: Moneycontrol.com

Govt may sell 51% in Dredging Corporation: Report

Government official privy to this development have told the Economic Times that a cabinet note has been prepared on this proposal and is floated among key ministries for consideration.

 
 
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The government is looking to sell 51 percent of its stake Dredging Corporation of India.


Government officials privy to the development told the Economic Times that a Cabinet note had been prepared on this proposal and has been floated among key ministries for consideration.


"There is enough competition in this sector and therefore the role of a public-sector firm is limited," ET reported the source as saying.

Dredging Corporation is among the government's mini ratna public sector enterprises.


A strategic stake sale should come by middle of the next financial year starting, the paper said.

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At present, the government holds 73.47 percent in the firm.


As per Friday's closing price of Rs 445.50 per share on BSE, a 51 percent stake sale would be worth Rs 636 crore.

For the next fiscal year, FY18, the government has set a massive disinvestment target of Rs 72,500 crore, of which Rs 46,500 crore is aimed to come from regular stake sale, Rs 15,000 crore through strategic stake sale and Rs 11,000 from listing of various insurance companies.

First Published on Mar 6, 2017 09:00 am
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