Mumbai: The year-old plan of the country's largest sea carrier to get into the dredging business has failed to take off, reports the local Business Standard.
Shipping Corporation of India (SCI) had planned to form a mega dredging company with the Mumbai Port Trust, Jawaharlal Nehru Port Trust, Kolkata Port Trust and Mumbai-based ship yard Mazagaon Dock, with an investment totalling Rs 6,000 crore. SCI Chairman and Managing Director S Hazara said, "The dredging business has not taken off at all because there are too many parties involved."
Dredging Corportion of India (DCI), the lone domestic company invovled in dredging is not capable of meeting more than 10 per cent of demand. Seeing the absence of Indian companies, foreign players from Denmark and Belgium have formed a cartel, raising the dredging charges in the country. SCI, from which DCI was carved out, is now trying to get back into the business.
There are 12 major ports and 187 minor ports in the country, which are in an expansion mode. [06/02/09]
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