Sagarmala Finance Corp Ltd (SMFCL), India’s first maritime non-banking finance corporation, aims to raise ₹4,000 crore over the next six months. The company plans to secure funds through market borrowings, including bonds and non-convertible debentures (NCDs). Discussions are ongoing with at least one public sector bank and a private entity to meet potential lending needs. Additionally, the process to appoint a new Managing Director is underway following the completion of Dilip Kumar Gupt’s tenure in July.
In May, the Board approved a name change from Sagarmala Development Company Ltd to SMFCL, which was formalized with an RBI registration in June. SMFCL has identified 11 areas for funding, targeting port authorities, shipping companies, MSMEs, and tech startups in the maritime sector. The corporation plans to finance skill development programs and various infrastructure projects, including shipyard expansions and inland waterway development.
Previously, as Sagarmala Development Company Ltd, the entity invested around ₹540 crore in diverse projects, including significant stakes in railway companies for enhanced port connectivity. A ₹40 crore proposal is also under consideration for a religious tourism initiative along the Brahmaputra River in Assam.
