Shipping Corporation of India (SCI) has announced a plan to enter the dredging business, reports thehindubusinessline.com.
SCI will either buy or hire dredgers to start this new profitable venture, stated Shipping Secretary P.K. Sinha last week.
Regarding these plans, Sinha added that the capacity of the Dredging Corporation of India (DCI) and those of the private players is not enough to meet the growing demand for dredging projects.
As the Dredging Corporation is trying to stay in the game, India’s only dredging company in the public sector raises the money to acquire new dredgers.
The company has achieved financial closure for two dredgers and one of them has already been installed.
The second will be acquired in June this year while the third one is expected in January 2014.
Under the new plan, SCI could tie-up with one or two Major Ports for maintenance dredging, and this should help the company raise funds for acquiring dredgers, concluded Sinha.
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Dredging Today Staff, April 8, 2013