(a) An Inter Ministerial Group (IMG) has been constituted by Department of Investment and Public Asset Management (DIPAM) for selection of Intermediaries for strategic disinvestment of DCI. Legal Adviser has been selected by the IMG. An Asset Valuer has been selected by the Selection Committee constituted for this purpose by the Ministry of Shipping.
(b) The decision for disinvestment of DCI is not based on profit earned by it. NITI Aayog has been entrusted to identify the Central Public Sector Enterprises (CPSEs) for strategic disinvestment. NITI Aayog in its report has stated that it has been guided by the basic economic principle that the Government should not continue to engage itself in manufacturing/producing goods and services in sectors where the competitive markets have come of age and that such entities would perform better in the private hands due to various factors e.g. technology up-gradation and efficient management practices.
(c) The details of profits/losses of DCI during last three years and the current year are as under:-
<pre>
(Rs. in crores)
2014-15 2015-16 2016-17 2017-18
(Upto September, 2017)
Profit after tax 62 80 7 23
</pre>
(d)&(e):One of the employees of DCI, Mr. N. Venkatesh, working as an Assistant, committed suicide in protest against the proposed sale of the company. The terms and conditions of the strategic sale suitably address employees’ concerns in the Share Purchase Agreement (SPA)/ Share Holders Agreement (SHA) to be signed by the Government with the strategic buyer. As regards manpower, offering of improved Voluntary Retirement Scheme (VRS) along with the process of sale has been approved by CCEA.
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