NBFC to support shipbuilding and renewables projects
Minister of Ports, Shipping & Waterways (MoPSW) Sarbananda Sonowal has inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) in the maritime sector.
Formerly known as Sagarmala Development Company Limited, SMFCL is now positioned to play a transformative role in India’s maritime infrastructure development, in alignment with the Amrit Kaal Vision 2047.
SMFCL has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of 19 June 2025.
Speaking on the occasion on 26 June, Sonowal said, “The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. 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 https://sbi.com.in/.”
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 https://www.bseindia.com/.
In its expanded mandate, SMFCL will also support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India’s vision to emerge as a global maritime leader https://www.nseindia.com/.
Speaking on the occasion, the Minister of State for MoPSW Shantanu Thakur added, “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.”
With this milestone, SMFCL is set to provide a more focused and accessible financial ecosystem for India’s maritime growth, enabling projects that contribute to sustainable development, innovation, and national logistics efficiency. Fiinews.com
