The Jawaharlal Nehru Port Authority (JNPA) has awarded an annual maintenance dredging contract worth Rs 250 crore to the Dredging Corporation of India Limited (DCIL).

According to a statement, JNPA has awarded the maintenance of the Mumbai and JNPA fairway to DCIL including the dredging of 20 million cubic meters plus or minus 20% per annum with the project cost of about Rs 250 crore per annum.

DCIL is a leading dredging organization in India, providing dredging and related services to major ports, small ports, the Indian Navy, fishing ports and other maritime organizations by deepening and maintaining the safe navigation channel for export-import activities (EXIM).

DCIL is a listed dredging organization in India under the consortium of four major port authorities, including Visakhapatnam Port, Paradip Port, Jawaharlal Nehru Port and Deendayal Port. It owns a majority share of 73.47%.

The company told media that the Ministry of Ports, Shipping and Waterways had announced dredging guidelines in 2021 and emphasized major ports to award long-term dredging contracts.

It said JNPA had awarded a three-year long-term contract. It will be a guaranteed return for DCIL's turnover of Rs 250 crore per year.

The company said DCI is aiming for a record all-time high of Rs 1,000 crore in revenue for FY22-23.