New Delhi: 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.
The Sagarmala project aims at transforming existing ports into modern world class ports and integrate them.
Addressing the media after the inauguration, Gadkari said he expected capital investment of Rs 12 lakh crore in the company, which will generate about two crore employment opportunities.
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.
In addition, Gadkari said, and 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.