Govt. sets up Rs. 1,000-cr Sagarmala Company

In its unfailing quest to build classic port-led development to build waterway across the country, the Union Cabinet recently approved the incorporation of Sagarmala Development Company under the Companies Act, 2013, with an initial investment worth Rs. 1,000-cr and a subscribed share capital worth Rs. 90cr. The prime objective of Sagarmala project is to promote port-led direct development by providing infrastructure for quicker and cost-effective transportation of goods and services, said official sources.

The company will be under the administrative control of Ministry of Shipping and will provide equity support to the project Special Purpose Vehicles (SPVs) and funding support to the residual projects under the Sagarmala Programme. That apart, it will also work as the nodal agency for coordination and monitoring of all the identified projects as well as other projects emerging from the master plans.

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Govt. sets up Rs. 1,000-cr Sagarmala Company

NBM Media

NBM Media

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