To give a push to port-led development, the government on Wednesday approved the incorporation of Sagarmala Development Company (SDC) under the Companies Act, 2013, with an initial authorised share capital of Rs 1,000 crore, 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, an official statement said after the Cabinet meeting chaired by Prime Minister Narendra Modi.
SDC will Identify port-led development projects and assist the project SPVs in project development and structuring activities, bidding out projects for private sector participation, putting suitable risk management measures in place for strategic projects, cutting across multiple states / regions and obtaining requisite approvals and clearances, it said.
The Cabinet Committee on Economic Affairs also approved the proposal for Ambuja Cements for acquisition of 24% shares in its holding company-Holcim (India) from Holderind Investment, and subsequent reverse merger through a share swap. This would entail outflow of Rs 3,500 crore.
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