The Sagarmala Development Company (SDC) has been incorporated under the Companies Act, 2013. The company will have an authorised share capital of Rs 10 billion and a subscribed share capital of Rs 900 million. Earlier, in July 2016, the Union cabinet had approved the formation of the SDC under the administrative control of the Ministry of Shipping (MoS). The company will provide equity support to project-specific special purpose vehicles (SPVs) and funding support to residual projects under the programme. The SDC will identify port-led development projects and assist the SPVs in project development and structuring activities, bidding out projects for private sector participation and obtaining the requisite approvals. 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.