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Pillai registered the Swadeshi Steam Navigation Company on 16 October 1906 with the capital of {{INRConvert|10|l|year=1906|lk=on}} by the issue of 40,000 shares.<ref name="R.N.SampathMani2017"/> Pillai formed the company not for profit but for ideals of nationalism. Any individuals in Asia were eligible to hold the shares.<ref name="R.N.SampathMani2017"/> Pandithurai Thevar, the [[zamindar]] of [[Palavanatham]]
bought the share of Rupees two lakhs by selling Pambur village in his zamin.<ref name="R.N.Sampath Mani2017">{{cite book|author1=R.N.Sampath|author2=Pe. Su. Mani|title=V.O.Chidambaram Pillai|url=https://books.google.com/books?id=DEg1DwAAQBAJ&pg=PT112|date=30 August 2017|publisher=Publications Division Ministry of Information & Broadcasting|isbn=978-81-230-2557-5|page=112}}</ref> Thevar became the president and Pillai became the assistant secretary of the company.<ref name="R.N.SampathMani2017"/>
The objective of the company
Poet [[Subramanya Bharathi]] wrote essays about the importance of the company.<ref>{{Cite web|url=https://timesofindia.indiatimes.com/blogs/tracking-indian-communities/first-call-to-make-in-india-came-from-bharati-in-1909/|title=First call to ‘make in India’ came from Bharati in 1909|date=September 12, 2016|website=Times of India Blog}}</ref>
Two ships SS Galeo and SS Lavo purchased from France<ref name="Navy1989"/>
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