Workers union threaten to go on strike against DCI sale

November 25
09:22 2017

Dredging Corporation of India (DCI) today said its non-executive workers’ union has threatened to launch an indefinite strike on or after December 6, 2017 to protest against its sale.

Opposing the divestment plan, company workers, including shore-based executives, had gone on a mass leave on November 21 at Vishakhapatnam.

The government, on November 1, approved sale of its entire 73.47 per cent stake in the DCI.

“The non-executive employees union of DCI has given a notice of indefinite strike stating that they have decided to call indefinite strike any day on or after December 6, 2017 against the government decision to ‘privatise/entire stake sale of DCE,” Dredging Corporation said in a regulatory filing to the BSE.

The company said its management is holding discussions with the union to call-off the strike.

Earlier on November 21 after the Department of Investment & Public Asset Management, Ministry of Finance informed the company regarding constitution of an inter-ministerial group for appointing transactional and legal advisers for the stake sale, both the shore-based executives and non-executives of DCI at Head Office, Vishakhapatnam had gone on mass leave.

The employees had also staged a dharna at the main gate and did not allow the Directors and the CMD to enter the head office.

The disinvestment of the government’s entire 73.47 percent stake in the company could fetch about Rs 1,400 crore to the exchequer.

The dredging company is under the administrative control of the shipping ministry.

It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.

Shares of DCI closed at Rs 699.90 on the BSE today.

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