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Dredging Corporation of India (DCI) pays Rs 4.11cr dividend to Government

Dredging Corporation of India (DCI) has paid a dividend of Rs. 4.11 crore to the Centre for 2017-18 fiscal.

The cheque was handed over to Union Shipping Minister Nitin Gadkari by DCI Chairman and Managing Director Rajesh Tripathi in the presence of senior officials in New Delhi on Monday.

At the 42nd AGM held on August 13, the category-I mini ratna company had declared a dividend at 20% on the paid-up capital of Rs. 28 crore i.e. Rs. 2 per equity share of Rs. 10 each amounting to Rs. 5.6 crore for 2017-18.

President holds 73.47% of the share capital of the company.

After shelving the plan for strategic sale of the company, the Centre has decided to examine the proposal by Visakhapatnam, New Mangalore and Paradeep ports to buy stake in the DCI.

The company has been earning net profit since it was set up in 1976. The profit after tax was Rs. 16.64 crore during the year under review compared to Rs. 7.12 crore during the previous year.

The operational income of the company was Rs. 591.87 crore as against Rs. 585.14 crore for the previous year.

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