Sagarmala Programme of Ministry of Shipping, Government of India will partake investments of approximately US$ 123.08 billion (INR 8 Lakh Crore) in the area of port modernization, new port development, port connectivity enhancement, port linked industrialisation and coastal community development over the period 2015 to 2035. According to a Press Information Bureau release, as per the approved implementation plan of the programme, the 415 projects under Sagarmala are to be taken up by the central line ministries, state governments / maritime boards and SPVs, preferably through the private sector and Public Private Participation (PPP) wherever feasible. Out of 415 projects under the umbrella of Sagarmala, 199 focus projects are to be taken up during the Financial Years 2016-17 to 2018-19.
This ambitious programme of Government of India involves setting up of mega ports, Coastal Economic Zones, development of Port-Linked Industrial Clusters, Coastal Economic Unites and Export Oriented Units etc. to develop Indian coastline as Coastal Economic Regions across 14 regions in India. With a renewed focus of the ministry on the programme, the Ministry of shipping is setting up the ground work and has hired some of the prominent Indian law firms to assist in the implementation of the various projects.
Singhania & Partners is one of the select few firms that has been empanelled as the legal advisors under this programme. According to the Managing Partner, Ravi Singhania, “ The firm will be assisting the ministry as legal counsels in the area of legal due diligence, drafting of transaction documents and advise/assistance in negotiation of the contracts with the SPVs. We are confident to add a lot of value in our role as we are also legal advisors to Indian Railways, Gujarat Maritime Board, ISGEC Heavy Engineering Ltd, Ministry of Road Transport and Highways, National Highways Authority of India, Power Finance Corporation, Rural Electrification Corporation, Karnataka State Highways Improvement Project (KSHIP), National High Speed Rail Corporation Ltd.(NHSRCL), IJM Corporation, Berhad, Mumbai International Airport Ltd., Punj Lloyd and India Posts Payment Bank. Etc.”