India has launched its first maritime sector Non-Banking Financial Company (NBFC), Sagarmala Finance Corporation Limited (SMFCL). At the inauguration, Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, emphasized that SMFCL will address critical financing gaps and provide tailored financial solutions for ports, startups, and institutions. He noted that this initiative fulfills a longstanding demand from the maritime industry.
SMFCL, classified as a Mini Ratna, Category-I Central Public Sector Enterprise, was officially registered as an NBFC with the Reserve Bank of India earlier this month. It boasts a Tier 1 capital of ₹680 crore, which can be leveraged to secure up to ₹3,400 crore in funding. According to officials, the corporation is prepared to offer larger loans in collaboration with consortium partners.
The corporation aims to deliver customized financial products, including short, medium, and long-term funding, to a variety of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions. Additionally, SMFCL plans to support strategic sectors like shipbuilding, renewable energy, and cruise tourism, broadening its mandate to foster growth in the maritime sector.
