India incorporates port development company
The Indian government has incorporated the Sagarmala Development Company (SDC) with an initial authorised share capital of Rs.1,000 crore (US$150m), to promote port development in the country.
The new firm will have a subscribed share capital of Rs. 90 crore (US$13m), the ministry of shipping announced.
SDC will raise funds “as debt/equity (as long term capital), as per the the project requirements, by leveraging resources provided by the Indian government and from multi-lateral and bilateral funding agencies,” noted the shipping ministry.
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