Dredging Corporation of India inks agreement with Inland Waterways Authority of India

Dredging Corporation of India inked Historic Agreement with Inland waterways Authority of India, under the Ministry of Ports, Shipping and Waterways, Government of India for the work of "Development & Maintenance of Fairway with an estimated cost of Rs 204.5 Cr for a period of three years.

Dredging Corporation of India Limited (DCIL), Visakhapatnam is a listed & premier dredging organization of India catering to the dredging and allied services to Major Ports, Minor Ports, Indian Navy, Fishing Harbours and other maritime organizations by deepening and maintaining the safe navigational channel for EXIM activities.

Captain S Divakar, MD & CEO, A/C, of Dredging Corporation of India Limited has signed a Historic Agreement on 02.02.2023 with Ashutosh Gautam, Member Technical of Inland Waterways Authority (IWAI), under the Ministry of Ports, Shipping and Waterways, Government of India.

This agreement was signed for the award of work for "Development & Maintenance of fairway width of 32 m and depth of 2 m / 2.5 m for 5 years in various National Waterways in North Eastern Region by undertaking required dredging, bandalling, channel marking, river training etc. to ensure safe navigation of vessels" to Dredging Corporation of India Limited, Visakhapatnam. As per the work awarded, DCIL is going to undertake the following stretches:

1. Dhansiri River (NW-31): Numaligarh jetty to Dhansiri Confluence (35 km)

2. Barak River (NW-15):Bhanga to Badarpur (10.5 km)

3. Kopili River (NW-57): Confluence at Brahmaputra to Kalongpar Bazar (10 km)

4. Brahmaputra River (NW-2): Ro-Pax Routes along river Brahmaputra (NW-2) and adjacent area as below:

(a) Dhubri - Hatsingim ari/Fakirganj, (30 Km)
(b) Guwahati- North Guwahati and (5 Km)
(c) Neamati- Majuli (Kamalabari/ Aphala) (30 km)

The estimated cost of the awarded work is about Rs. 204.5 Cr initially for a period of 3 years.

Today's signing agreement of Dredging Corporation of lndia with National Waterways dredging work is another step towards expansion and diversification of Dredging Corporation of lndia into lnland Waterways; a new business vertical in addition to the existing Maintenance Dredging, capital Dredging, Land Reclamation, Beach Nourishment, Project management Consultancy etc. which is aiming at a record highest ever turnover of Rs.1000 Cr for this financial year 2022-23.

Shares of Dredging Corporation of India Limited was last trading in BSE at Rs. 345.95 as compared to the previous close of Rs. 343.55. The total number of shares traded during the day was 7242 in over 848 trades.

The stock hit an intraday high of Rs. 351.70 and intraday low of 336.90. The net turnover during the day was Rs. 2500302.00.

Source : Equity Bulls

Keywords

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