Sagarmala Development firm incorporated under Companies Act

As part of the efforts to promote port-led development in the country, the Sagarmala Development Company (SDC) was incorporated under the Companies Act, 2013, the Shipping Ministry said in a statement on Thursday.

The company will have an initial authorised share capital of Rs 1,000 crore and a subscribed share capital of Rs 90 crore.

The Cabinet in July had approved the formation of the Sagarmala Development Company under the administrative control of the Ministry of Shipping.

The company would help in structuring activities, bidding out projects for private sector participation, identifying suitable risk management measures for strategic projects across multiple states and regions and obtaining requisite approvals and clearances.

"The implementation of the identified projects would be taken up by the relevant ports, state governments/Maritime Boards, central ministries, through private or public-private partnership (PPP) mode," the ministry said.

The Shipping Ministry has also said that the company would act as the nodal agency for coordination and monitoring of all the currently identified projects under Sagarmala as well as other projects emerging from the master plans or other sources.

--IANS

rup/in/vt