Dredging Corporation of India Ltd. and the Ministry of Shipping of India have signed a Memorandum of Understanding (MOU) for the period of 2012-2013, the DCI news release said.
DCI has been signing the Memorandum of Understanding (MoU) with the Government of India since 1992-93. The Government of India introduced the MoU system which is a negotiated document signed between the Government and the Public Sector Undertaking before the beginning of the financial year specifying clearly the objectives of the agreement and the obligations of both the parties and targets to be achieved by the Company in the next financial year. The performance of the Company is evaluated after the end of the year on a five point rating scale from “Excellent” to “Poor”. The main purpose of the MoU system is to ensure a level playing field to the public sector enterprises vis-a-vis the private corporate sector. DCI has been consistently achieving MoU rating of “Good” to “Excellent” over these years up to 2010-11. The evaluation for 2011-12 will be done after the end of the financial year.
DCI has taken steps for augmentation of its capacity and increasing the strength of its fleet by purchasing three more dredgers which are under construction at IHC, Netherlands.
The first dredger is going to be delivered by end of 2012. A back hoe dredger constructed by De Donge, Netherlands has already joined the fleet during the year.
The MoU for the ensuing financial year 2012-13 was signed between Shri Pradeep Kumar Sinha, IAS, Secretary (Shipping), Ministry of Shipping and Capt.D.K.Mohanty, CMD, DCI on 15/3/12 at Delhi. The objectives of the MoU are inter alia to progressively increase the share of DCI in Indian Capital Dredging market, to progressively achieve 80% of the India Maintenance Dredging Market, to become global player and to become a Nava Ratna Company.
Dredging Corporation of India Limited (DCI) was established in 1976 to provide integrated dredging and related marine services for promoting the national and international maritime trade, beach nourishment, reclamation, inland dredging, environmental protection. DCI is a Schedule B Company and a Mini Ratna Category–I Public Sector Undertaking under the administrative control of Ministry of Shipping, Government of India.
Clients include Major Ports, non-major Ports, Indian Navy, State Governments etc. The paid-up capital of the Company is Rs.28.00 crores of which 78.56% is held by President of India.