Gadkari launches Sagarmala Development Co to upgrade ports
26 Dec 2016
Union Minister for Road Transport and Shipping Nitin Gadkari today inaugurated the Sagarmala Development Company (SDC) office in New Delhi to promote port-led development in the country.
The Sagarmala project aims at transforming and integrating India's existing ports into modern, world class facilities.
Addressing the media after the inauguration, Gadkari said he expected capital investment of Rs12 lakh crore in the company, which will generate about two crore jobs.
Gadkari said that the Sagarmala project will lead to increase in exports by 50 per cent (1.5 times).
The company will be given financial assistance of Rs50,000 crore at two per cent interest rate. In addition, Gadkari said, and investment of Rs12,000 crore was planned for the 900-km Chardham Highway development, and road works worth Rs2,000 crore were already started. The project will be ready by 2018.
Prime Minister Narendra Modi will lay foundation stone for the project on Tuesday.
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