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NEW DELHI : Dredging Corporation of India has signed an agreement with the Cochin Shipyard Ltd to build a dredger with a capacity of 12,000 cubic meter.

In a statement on Thursday, the Union Ministry for Ports, Shipping and Waterways said that the dredger -- first beagle series, 12 trailing suction hopper dredger -- of 12000 cubic meter -- will be developed at the Cochin Shipyard.

"Dredging Corporation of India has signed a historic ship building agreement for the first 'make in India' project for construction of 'First Beagle Series 12 Trailing Suction Hopper Dredger' of 12000 cubic meter capacity at Cochin Shipyard Limited today in presence of union minister of ports shipping and waterways Sarbananda Sonowal, minister of state Shripad Naik, and the secretary for ports, shipping and waterways, Sanjeev Ranjan," the statement said.

Sonowal said that ministry had observed the importance of dredging for operation of ports and issued dredging guidelines for major ports.

 “The need for sufficient dredgers is of utmost importance for timely completion of dredging. New dredgers will be able to bring the much-needed efficiency and timely completion of dredging," he said.

The minister noted that the the project would enable smooth operation of vessels. The dredger-built under the ‘Atma Nirbhar Bharat’ vision is one the biggest initiatives under the programme.

 “This ship building agreement will also benefit from the ship building financial assistance policy (SFAP) (2016) of the shipping ministry. The policy is for the shipbuilding contracts secured for Indian shipyards between 2016-2026. Financial assistance is granted under this policy is equal to 17% lower of the contract policy or fair price or actual payments, whichever is least. A provision of 4,000 crore is made for the ten-year period," Sonowal said.

Outlining recent initiative of the ministry, Sonowal said that the ministry had issued guidelines at major ports to ensure that the dredge material is taken up for recycling and reusage based on scientific study. "This will enable the employment of sustainable disposal mechanisms and promote waste to wealth," he said.

Dredging corporation of India Limited (DCIL), Vishakhapatnam is a listed dredging company with about 74% of its shares held by the consortium of four major port authorities -- Vishakhapatnam port, Paradip port, Jawaharlal Nehru Port and Deendayal Port.

On Thursday, shares of DCIL on the BSE closed at 326.90, lower by 1.03% from its previous close. 

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