The government on Wednesday approved the sale of its entire 73.47 per cent stake in Dredging Corporation of India Ltd (DCI), official sources said.
The Cabinet has approved DCI disinvestment, official sources said after the Cabinet meeting, chaired by Prime Minister Narendra Modi.
They said the Cabinet has approved the sale of government's entire 73.47 per cent stake in the company which 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.
A core group of secretaries on disinvestment, headed by the Cabinet Secretary, had already approved the sale of DCI.
The government think tank Niti Aayog too had favoured disinvestment. The government currently holds 73.47 per cent stake in DCI. At the current stock market prices, sale of this stake would fetch about Rs 1,400 crore to the exchequer. The DCI stock was trading 20 per cent up at Rs 669.95 on BSE in the afternoon.
(With inputs from PTI)