Govt approves incorporation of Sagarmala Development Company under Companies Act
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the incorporation of Sagarmala Development Company (SDC) under the Companies Act, 2013 with an initial authorized share capital of 1 thousand crore rupees and a subscribed share capital of Rs. 90 Crore. SDC will be under the administrative control of the Ministry of Shipping. It will provide equity support to the project Special Purpose Vehicles (SPVs) and funding support to the residual projects under the Sagarmala Programme.
Implementation of the these identified projects will be taken up by the relevant Ports, State Governments, Central Ministries, mainly through private or PPP mode in specific time-bound local interventions and innovative in nature.The Sagarmala Programme was launched with the approval of the Union Cabinet on 25th March 2015, with a view to achieve the broad objective of promoting port-led economic development in India. In order to harness India’s 7,500 km long coastline, 14,500 km of potentially navigable waterways, and strategic location on key international maritime trade routes.
So let's discuss some questions related to this post:
1. The Union Cabinet has approved the incorporation of Sagarmala Development Company (SDC) under which act?
2. What is the initial authorized share capital of Sagarmala Development Company (SDC)?