New Delhi, Dec 26 : In order to boost the shipping sector, union minister Nitin Gadkari launched Sagarmala Development Company a Special Purpose Vehicle (SPVs) for undertaking various maritime projects.
Speaking on the occasion Gadkari said that the Sagarmala Development Company will play a major role in realizing India’s maritime potential. He further informed that the projects worth Rs. 1 Lakh Crore under Sagarmala programme are at various stages of implementation and development.
Briefing about the new venture of ministry Gadkari said that the Sagarmala Development Company (SDC) has been incorporated under the Companies Act, 2013 where company has an initial Authorized Share Capital of Rs. 1,000 Crore and a subscribed share capital of Rs. 90 Crore he stated.
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 agencies.
Earlier cabinet had approved the formation of the SDC under the administrative control of the Ministry of Shipping in July 2016. The incorporation of SDC is part of the ambitious Sagarmala Programme by the Government of India which aims to harness India’s 7,500 km long coastline, 14,500 km of potentially navigable waterways and strategic location on key international maritime trade routes.
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 / Regions and obtaining requisite approvals and clearances.