Sagarmala Development Company’s office inaugurated in New Delhi
Union Road Transport and Highways Minister Nitin Gadkari inaugurated Sagarmala Development Company’s (SDC) office in New Delhi to promote port-led development in the country.
The SDC has been incorporated under the Companies Act, 2013. The Union Cabinet in July 2016 had approved formation of the SDC under the administrative control of the Union Ministry of Shipping.
- The main objective SDC is to identify port-led development projects under the ambitious Sagarmala programme.
- It will provide equity support for project Special Purpose Vehicles (SPVs) set up by the Ports, State, Central Ministries and funding window.
- It will implement only those residual projects which cannot be funded by any other means mode.
- It will mainly 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.
For more information: Sagarmala Development Company
Categories: India Current Affairs 2017