Gadkari to inaugurate Sagarmala Development Company office

| Updated: Dec 26, 2016 14:34 IST

New Delhi [India], Dec. 26 (ANI): Road Transport and Highways Minister Nitin Gadkari will inaugurate Sagarmala Development Company's (SDC) office in New Delhi today to promote port-led development in the country. The SDC has been incorporated under the Companies Act, 2013. The Cabinet in July had approved the formation of the SDC 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, regions and obtaining requisite approvals and clearances. The main objective of the company is to identify port-led development projects under the Sagarmala programme and provide equity support for the project special purpose vehicles 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. (ANI)