Stock Report

Dredging Corporation of India Ltd & BEML sign MOU for Joint Development and manufacturing of Dredgers

Posted On : 2024-03-07 22:23:26( TIMEZONE : IST )

In a significant stride towards fostering indigenous capabilities in maritime infrastructure development, Captain S Divakar, MD & CEO, A/C of Dredging Corporation of India Limited (DCIL) and Shri Shantanu Roy, CMD, of BEML have inked Memorandum of Understanding (MOU) aimed for the indigenous design, development, and manufacturing of spares for dredgers & Joint Development of manufacturing of dredgers.

The purpose of this MOU for both the organizations is to recognise indigenisation as one of the strategic tools to achieve cost benefits and also complement their strengths to build a mutually beneficial strong technical base. DCIL would prefer to procure a substantial part of hydraulic aggregates, casting & fabrication items for their dredgers, enabling improved availability of dredgers, attain cost effectiveness and improve competitiveness in the Indian and global market. This strategic partnership between DCI and BEML marks a significant milestone in India's maritime infrastructure development. By combining DCl's expertise in dredging operations and BEML's proficiency in engineering and manufacturing, the collaboration aims to enhance the indigenous capabilities in the dredging sector and support the country's maritime infrastructure growth.

Under the terms of MOU DCIL & BEML wish to associate themselves by entering into this MOU for design, development and manufacture of spare parts for Dredgers & Joint Development and Manufacturing of Dredgers Indigenously by establishing Technology Partner from OEM of Dredgers. Further, BEML promised to work with DCIL towards the development and manufacturing of Dredger in India at BEML manufacturing facilities and to work with the Technology partner jointly identified by BEML & DCIL.

Further this MOU will help DCIL to identify a Technology Partner for Indigenous manufacture of Dredgers, coordinate with the identified Technology partner and play a lead role in execution of the Technology transfer and manufacturing of Dredgers in the facilities of BEML.

Additionally, the collaboration will extend to the joint study of the potential for construction of portable cutter suction Dredgers for Inland dredging by BEML and endeavour for cooperation through join venture/special purpose vehicle as per Govt of India Guidelines.

The signing of the MOU between DCIL and BEML marks a significant milestone in India's journey towards self-reliance and technological advancement in the maritime industry. The collaboration is poised to unlock new opportunities for innovation, growth, and sustainable development within India's maritime infrastructure sector.

Shares of BEML Limited was last trading in BSE at Rs. 3216.00 as compared to the previous close of Rs. 3201.80. The total number of shares traded during the day was 6016 in over 1058 trades.

The stock hit an intraday high of Rs. 3259.15 and intraday low of 3187.00. The net turnover during the day was Rs. 19392996.00.

Shares of Dredging Corporation of India Limited was last trading in BSE at Rs. 706.65 as compared to the previous close of Rs. 673.00. The total number of shares traded during the day was 1119 in over 60 trades.

The stock hit an intraday high of Rs. 706.65 and intraday low of 674.95. The net turnover during the day was Rs. 781305.00.