Financial Daily from THE HINDU group of publications
Tuesday, Feb 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 24, 2004 |
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Corporate
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Announcements Dredging Corpn appoints PwC for scouting foreign partners Our Bureau
Hyderabad , Feb. 23 DREDGING Corporation of India Ltd (DCI) has appointed the global management consultancy services major - PricewaterhouseCoopers (PwC) - for the purpose of scouting strategic foreign partners. Addressing newspersons here on Monday, the DCI Director (Operations & Technical), Mr G.G. Rao, said, the Visakhapatnam-based company plans to develop strategic alliances with leading international dredging companies to access the necessary skills for capital and international dredging works. According to Mr Rao, "The company intends to selectively pursue international opportunities that offers the potential to increase the utilisation of its asset base." Mr Rao said PwC is expected to submit the preliminary report by April-end. "We expect PwC to come out with the final report and enable us complete the process of roping in strategic partner for joint venture by October or November." DCI plans to enter the global dredging market with the help of the proposed joint venture and gain a reasonable market share. This was one of the key recommendations by KPMG for corporate and organisational restructuring of DCI. After finalising the corporate and strategic plans, the company submitted them to the Union Ministry of Shipping and sought the services of PwC. The company also plans to appoint marketing agents in Singapore, Malaysia and West Asia to identify projects and to promote its services in those countries. Further, it intends to acquire additional equipment and vessels suitable for capital dredging. The Joint General Manager (Finance) of DCI, Mr K. Kiriti, said capital expenditure of around Rs 200 crore was planned towards additional equipment and vessels. DCI plans to acquire a 5,000 cubic metre shallow draught trailer suction hopper dredger during fiscal 2006 at a cost of Rs 115 crore and a 10,000-horse power cutter suction dredger during fiscal 2007 at a cost of Rs 85 crore. he said the company is now sitting on huge reserves of over Rs 680 crore, which includes cash reserves of more than Rs 280 crore, thus making the company comfortable for taking up capital expenditure programmes.
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