The MoS inaugurated the Sagarmala Development Company (SDC) on December 26, 2016. The Union cabinet had approved the incorporation of the SDC under the Companies Act, 2013 in July 2016. The 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 MoS and 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, putting in place suitable risk management measures for strategic projects and obtaining requisite approvals and clearances. It will also work as the nodal agency for the coordination and monitoring of all the currently identified projects as well as other projects emerging from the master plans or other sources.