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Union Cabinet approves incorporation of Sagarmala Development Company

The Union Cabinet chaired by the Prime Minister Narendra Modi on 20 July 2016 approved the incorporation of Sagarmala Development Company (SDC) under the Companies Act, 2013. It will be under the administrative control of the Ministry of Shipping.
•    Implementation of the identified projects will be done mainly through private or PPP mode.
•    It will provide equity support for the project Special Purpose Vehicles (SPVs) set up by the Ports/State/Central Ministries window.
•    It will implement only those residual which cannot be funded by any other means / mode.
•    SDC will Identify port-led development projects and put in place suitable risk management measures for strategic projects cutting across multiple States/Regions.
•    Since the Identified projects will be undertaken by multiple agencies, SDC will also work as the nodal agency for coordination and monitoring of all the identified projects as well as other projects.
•    SDC will undertake the preparation of the detailed master plans for the Coastal Economic Zones (CEZs) identified as part of the National Perspective Plan (NPP).
•    It will also provide a framework for ensuring the integrated development of Indian maritime sector.

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