Dredging Corporation of India Ltd (DCI) has picked industry veteran GYV Victor as its next Managing Director and Chief Executive Officer for a five-year term beginning February 1.

The Board of Mumbai-listed DCI cleared the appointment of Victor, multiple government sources said.

Victor will join on February 1 as a special officer and assume charge as MD and CEO from March 1, the sources said.

This is the first top management appointment at India’s biggest dredging contractor after the company was acquired by four Centre-owned major port trusts in a strategic divestment deal.

Visakhapatnam Port Trust, Paradip Port Trust, Jawaharlal Nehru Port Trust and Deendayal Port Trust acquired the Central government’s 73.47 per cent stake in DCI for ₹1,056 crore in March 2019.

Following the deal, DCI is no longer a central public sector enterprise (CPSE) and hence is not subjected to the guidelines framed by the Department of Public Enterprises (DPE), including selecting director-level officials through the Public Enterprises Selection Board (PESB).

When contacted, Victor declined to comment.

Victor is the first DCI cadet from All India Dredging Cadre notified in the Government Gazette to rise to the top position in the Visakhapatnam-based company.

Victor has worked in top international and national dredging companies over the last three decades prior to his selection to DCI’s top post.

Victor holds a Doctorate Degree, is a Chartered Engineer (UK), Chartered Physicist (UK), Certified Dredge Master and Mariner, Qualified in Finance Management, Port Development and Management, Containerization and Logistics Management, Qualified Lawyer, Fellow in Arbitration, Licensed Arbitrator, Mediator and a qualified Admiralty and Contracts Lawyer.