AGM endorses forward-looking roadmap for maritime financing
Sagarmala Finance Corporation Limited (SMFCL), having received Rs.25,000 crore borrowing approval, will mobilise funds through leading banks, financial institutions and bond issuances in accordance with its resource mobilisation plan, enabling the Corporation to commence lending operations shortly.
The board of Mini-Ratna CPSE under the Ministry of Ports, Shipping and Waterways has approved an overall borrowing limit of Rs.25,000 crore, with Rs.8,000 crore earmarked for the current financial year at its Annual General Meeting.
The meeting also endorsed a forward-looking roadmap to strengthen the maritime financing ecosystem of the country.
SMFCL is currently in discussions with major financial rating agencies. With a positive sector outlook and a robust project pipeline, the Corporation is expected to secure ratings in the apex scale, which will further enhance investor confidence and help optimise interest costs.
As part of its strategic vision, SMFCL has outlined a comprehensive financing framework to support the entire maritime value chain, the Ministry said on 22 Nov.
“This includes funding for ports, port connectivity projects, port-led industrialisation, coastal community development, coastal shipping and inland waterways, with particular emphasis on vessel financing,” it said.
The Corporation is also poised to play a pivotal role in advancing India’s shipbuilding capabilities, contributing to the nation’s ambition of establishing a strong position in the global shipbuilding arena.
“To meet diverse requirements across the sector, SMFCL will offer customised loan products to eligible Government and Private Sector entities, covering short-term, medium-term and long-term financing, along with support for cash-flow mismatches and non-fund-based instruments,” said the Ministry. Fiinews.com
