Union cabinet approves incorporation of Sagarmala Development Company

The Union cabinet approved the incorporation of the Sagarmala Development Company (SDC) under the Companies Act, 2013 on July 20, 2016. SDC will have an authorised share capital of Rs 10 billion and a subscribed share capital of Rs 900 million. The company will be under the administrative control of the Ministry of Shipping and will provide equity support to project-specific SPVs and funding support to residual projects under the programme. SDC will identify port-led development projects and assist the SPVs in project development and structuring activities, bidding out of projects for private sector participation, putting in place suitable risk management measures for strategic projects and obtaining the requisite approvals and clearances. It will also work as the nodal agency for the coordination and monitoring of all currently identified projects as well as other projects emerging from the master plans or other sources.

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