DCIL all set to sell away its building in Vizag

The building constructed by the Dredging Corporation of India Limited (DCIL) in the Seethammadhara Housing Board Colony to run its corporate office has been put up for sale.

The DCIL, in which a consortium of four major ports led by Visakhapatnam Port Trust (VPT) has acquired 73.47% equity last year by paying little over ₹1,000 crore, has entrusted the job of finding a buyer through online sale to Metal Scrap Trading Corporation (MSTC), according to its Chairman Rinkesh Roy.

Mr. Roy, the Chairman of Paradip Port Trust told that they were expecting a good response to sell away the five plus two basement building constructed with green technology.

‘Upset price fixed at ₹78 cr.’

An official of MSTC said the upset price had been fixed at ₹78 crore. MSTC is scheduled to open the bids on January 30. Sources said that the DCIL, which had spent about ₹45 crore on the building, expects to generate ₹100 crore or above by selling away the property.

A consortium consisting of Visakhapatnam Port Trust, Paradip Port Trust, Jawahalal Nehru Port Trust and Deendayal (Kandla) Port Trust took the strategic control of the Visakhapatnam-headquartered public sector unit after the Cabinet Committee on Economic Affairs permitted them to takeover of 73.47% equity of the Government of India.

The site measuring 5329 square yards has now a modern building with adequate space for parking and open area with all clearances. In view of the State government’s plan to set up the Executive capital in Visakhapatnam, the ready-to-occupy structure may have a good demand.

Earlier, the government had explored the strategic sale of the DCIL, triggering off widespread protests over the move which was described by the opponents as an attempt to hand over the profit-making company to private hands.

By virtue of holding a majority stake of 19.47%, the VPT has the highest stake in the company. The DCIL now functions out of a premises owned by the VPT in the port area.