New Delhi, Dec 26 (IANS) Union Minister for Road Transport and Shipping Nitin Gadkari on Monday inaugurated Sagarmala Development Company's (SDC) office here to promote port-led development in the country.
Addressing the media afterwars, Gadkari said he expected capital investment of Rs 12 lakh crore in the company, which will generate about two crore employment opportunities
According to a statement issued by the ministry, projects worth Rs 1 lakh crore under Sagarmala programme were at various stages of implementation and development.
The Sagarmala programme aims at transforming existing ports into modern world class ports and integrating them in the existing transport network.
"It would also undertake the preparation of the detailed master plans for the Coastal Economic Zones (CEZs) identified as part of the National Perspective Plan (NPP)," said the statement.
Gadkari said that the Sagarmala project will lead to increase in export by another 50 per cent (1.5 times).
The company will be given financial assistance of Rs 50,000 crore at two per cent interest rate.
The Union Cabinet had approved its formation under the administrative control of the Ministry of Shipping in July 2016.
"The SDC has been incorporated under the Companies Act, 2013. The company has an initial Authorized Share Capital of Rs 1,000 crore and a subscribed share capital of Rs 90 crore," said the statement.
In addition, Gadkari said, an investment of Rs 12,000 crore was planned for the 900-km Chardham Highway development and road works worth Rs 2,000 crore were already started. The project will be ready by 2018.
Prime Minister Narendra Modi will lay foundation stone for the project on Tuesday.
