The Ministry of Shipping and Road Transport & Highways Shri. Nitin Gadkari said projects worth INR 1 lakh crore under Sagarmala programme at various stages of implementation and development will now be overseen by the Sagarmala Development Company.
This company has been incorporated under the Companies Act 2013 with an initial authorized share capital of INR 1000 crore and a subscribed share capital of INR 90 crore.
Main objective of the company is identification of port led development projects under the Sagarmala programme and provide equity support for the SPVs set up by Ports/State/Central Ministries and funding window or implement only those residual projects which cannot be funded by any other means/mode.
Cabinet has approved the formation of SDC under the administrative control of the Ministry of Shipping in July 2016.
Company would work towards structuring activities, bidding out projects for private sector participation, identifying risk management measures for strategic projects across multiple regions and states and obtaining the approvals and clearances.
Implementation of the identified project will be taken up by Port/State/Central Govt or Maritime Board through private or PPP mode.
Company will act as a nodal agency for the coordination and monitoring of currently identified projects under Sagarmala as well as other projects from the master plans or other sources.
A detailed master plan will also be prepared for CEZs as part of the National Perspective Plan. SDC will raise funds as debt/equity (long term capital) as per project requirements by leveraging resources provided by government of India and from multilateral and bilateral funding agencies.
About the Sagarmala ProgrammeAims to harness:- 7500 km long coastline
- 14,500 km of potentially navigable waterways
- Strategic location on key international maritime trade routes
- Approved in March 2015 by the Union Cabinet.
