The Minister of Shipping and Road Transport & Highways Shri Nitin Gadkari has said that projects worth Rs. 1 lakh crore under Sagarmala Programme are at various stages of implementation and development. He was speaking to the press at a ceremony to inaugurate the Sagarmala Development Company in New Delhi on Tuesday. The Sagarmala Development Company (SDC) has been incorporated under the Companies Act, 2013. The company has an initial authorized share capital of Rs. 1,000 crore and a subscribed share capital of Rs. 90 crore.
The main objective of the company is to identify port-led development projects under the Sagarmala Programme and provide equity support for the project Special Purpose Vehicles (SPVs) set up by the Ports / State / Central Ministries and funding window and implement only those residual projects which cannot be funded by any other means.
The Cabinet had approved the formation of the SDC under the administrative control of the Ministry of Shipping in July 2016. The company would help in structuring activities, bidding out projects for private sector participation, identifying suitable risk management measures for strategic projects across multiple states and obtaining requisite approvals and clearances.