Union Shipping Minister Nitin Gadkari on Friday ruled out privatisation of Dredging Corporation of India (DCI) and said the company will be acquired by three major ports and made more efficient.
He added that there was no question of closing down the state - owned company either.
Gadkari's remarks came amidst reports of the government planning to sell its entire 73 per cent stake in the company which is under the administrative control of the Shipping Ministry.
"We have taken a decision at the department level and we are just waiting for the Cabinet approval.
Three major ports - - Visakhapatnam Port, Paradeep Port and New Mangalore Port - - are now ready to acquire the government stake in the Dredging Corporation of India, " he said.
The Minister added there were also plans to restructure the company so that it becomes more efficient and stronger, and could take projects not only in India but also abroad.
"So, the question does not arise about the closure of Dredging Corporation of India, " he said.