NMDC Eyes Buying Dredging Corporation of India

National Marine Dredging Company (NMDC), the Abu Dhabi based marine contractor, plans to buy state-owned Dredging Corporation of India Ltd (DCI), The Hindu Business Line reports.

The move comes after the Cabinet on Wednesday approved a proposal to privatize DCI by selling the government’s 73.47 per cent stake in the country’s largest dredging contractor

“DCI would be a most suitable and best fit for us,” said Mahesh Zagade, director at National Marine and Infrastructure India Pvt Ltd, the Indian unit of the Abu Dhabi stock exchange-listed company in which the Abu Dhabi government has a 32 per cent stake.

“We are weighing plans to submit a bid,” added Zagade.

According to The Business Line, NMDC and DCI had earlier discussed a strategic alliance to deploy some of the Indian company’s dredgers in the global market, but these talks were inconclusive.