LIC Backed Port Dredging Company Signs Rs 2,157 Crore Fuel Supply MoU with IOCL
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The stock price has surged over 217.64 per cent in the last 3 years. It has delivered around 81.23 per cent returns from its 52-week low of Rs 538 per share.
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New Delhi, April 16, 2026: Amid ongoing disruptions in the energy sector, Dredging Corporation of India Ltd has taken a significant step to strengthen its operational resilience by signing a Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL).
The agreement, valued at Rs 2,157.07 crore, is set for a period of five years and ensures a steady and reliable fuel supply for DCI’s dredging fleet operating across the country. This strategic partnership is expected to enhance the company’s operational preparedness and ensure continuity in critical maritime infrastructure services.
The MoU signing ceremony, held on April 16, 2026, witnessed the presence of senior dignitaries from both organizations. Representing IOCL were Shri K. John Prasad, Country Head (Institutional Business), HO; Shri Piyush Mittal, Executive Director & State Head (TAPSO); Shri Manoj D. Kudale, Chief General Manager (Institutional Business), TAPSO; and Shri Nishant Gulati, DIBH, Vizag DO, along with other officials.
From DCI, the ceremony was attended by Capt. S. Divakar, Managing Director & CEO; Capt. K.M. Choudhary, CHOO & GM (Business Development); and Shri B. Durga Prasad Babu, HOD (Materials), along with other officials. The MoU was formally signed and exchanged in the presence of leadership from both sides. Shri B. Durga Prasad Babu signed on behalf of DCI, while Shri Nishant Gulati signed on behalf of IOCL.
This agreement reinforces the long-standing association between DCI and IOCL and highlights a shared commitment to operational excellence, reliability, and supporting India’s maritime infrastructure development. By securing long-term fuel supply during a period of global energy uncertainty, DCI has strengthened its ability to deliver uninterrupted dredging services for major ports and national projects.
The collaboration also underscores the vital role of public sector enterprises in ensuring stability and efficiency in key sectors of the economy, particularly during challenging global conditions.
The company has a market cap of over Rs 2,700 crore. The stock price has surged over 217.64 per cent in the last 3 years. It has delivered around 81.23 per cent returns from its 52-week low of Rs 538 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
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