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DREDGING Corp of India has appointed consultant Price WaterhouseCooper to search for suitable foreign dredging companies with a view to forming a joint venture by the end of the year. PwC is expected to submit a report in three or four months’ time. Meanwhile the dredging company is looking to strengthen its position in Singapore, Malaysia and West Asia and identify possible projects. About Rs2Bn ($44M) has been set aside for the purchase of additional equipment and at least one new dredger. Chairman and MD Capt NK Gupta said the company had gained a foothold in the Middle East by winning a contract to develop ports in Bahrain and has also received proposals from Israel, Russia and Malaysia. The Indian government will play its part by selling one-fifth of its 98% stake in DCI. The sale of 5.6M Rs10 shares begins tomorrow and will close on 4 March, with a price band of Rs385-400 per share. DCI has an almost-total market share in India and is the seventh-largest dredging company in the world. ------ Reply ------
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