Union Minister Sarbananda Sonowal has officially launched Sagarmala Finance Corporation Ltd. (SMFCL), India’s first non-banking financial company (NBFC) dedicated exclusively to the maritime sector.
The launch marks a significant step in accelerating investments across ports, shipping, and the broader blue economy.
Speaking on the occasion, the Union Minister, Sarbananda Sonowal said, “The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. Under the visionary leadership of Prime Minister Narendra Modi ji, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. It has fulfilled a long-standing demand of the maritime industry in the country. This move is in perfect alignment with the Maritime Amrit Kaal Vision 2047 and our shared goal of making India a leading global maritime power and Viksit Bharat.”
As a sector-specific NBFC, SMFCL is uniquely poised to bridge financing gaps in the maritime sector and catalyse economic growth. The corporation will offer tailored financial products—including short, medium, and long-term funding—to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.
Speaking on the occasion, the Union Minister of State for MoPSW, Shantanu Thakur said, “With SMFCL now functioning as a dedicated NBFC, we’re creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector.”
Registered with the Reserve Bank of India on June 19, 2025, SMFCL has been designated as a Mini Ratna Category‑I Central Public Sector Enterprise. It aims to bridge critical financing gaps for ports, shipping companies, MSMEs, startups, maritime educational institutions, and infrastructure developers aligned with the government’s Sagarmala programme.
With a Tier‑1 capital base of Rs 680 crore and the capacity to leverage up to Rs 3,400 crore through consortium lending, the NBFC will offer short, medium, and long-term funding solutions tailored to maritime needs.
These include shipbuilding, alternative energy, cruise tourism, maritime skilling, and other blue economy initiatives.
The initiative is a key part of the government’s strategy to enhance port-led development, improve coastal connectivity, and strengthen India’s position as a global maritime leader under the Amrit Kaal Vision 2047.
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