VISAKHAPATNAM: THE Dredging Corporation of India Limited (DCIL) signed a memorandum of understanding (MoU) with the Ministry of Shipping for the 2016-17 financial year. Secretary (Shipping) Rajive Kumar and Rajesh Tripathi, DCIL chairman and managing director, signed the documents in New Delhi on Tuesday.
The MoU broadly consists of the performance evaluation parameters and targets for the DCIL for the current fiscal year. The MoU will be reviewed by the Ministry of Shipping on a regular basis and the performance of the company would be evaluated and ratings awarded at the end of the fiscal year. The targets agreed to in the MoU are in line with the aggressive growth plans of the DCIL for making forays into foreign countries in line with the Ministry of Shipping’s ambitious plans.
The DCIL has posted very good performance during the last fiscal year as against ‘good’ for the year prior to that (2014-15), despite very adverse market conditions. In the previous fiscal year, it recorded a turnover of Rs676 crore. The gross and net profits are Rs83 crore and Rs80 crore respectively, with an increase of 28 per cent and 29 per cent respectively. The DCIL has placed an order for an inland cutter suction dredger which will join the fleet very shortly. This would facilitate inland dredging works. As a part of the capacity augmentation, a detailed project report (DPR) is being prepared for higher capacity trailing suction dredgers. During the year under review, maintenance dredging contracts were executed for Kolkata Port, Haldia, Kandla, Cochin Port Trust, Ernakulam, RGPPL-Dabhol and NST and its approaches of VPT. Capital Dredging contracts were executed at Kandla Port, Kamarajar Port and Visakhapatnam Port. The works were executed either under the existing contracts or renewal of the contracts