Sagarmala Finance Corporation Becomes India’s First Maritime Sector NBFC

30 Jun 2025 , 01:25 PM

On June 26, Union Ports and Shipping Minister Sarbananda Sonowal officially kicked off operations at Sagarmala Finance Corporation Ltd (SMFCL), India’s first NBFC focused solely on the maritime domain. SMFCL secured its NBFC registration from the Reserve Bank of India on June 19, 2025, and holds Mini-Ratna Category-I Central PSU status.

Its mandate covers financing for shipyards and cruise operators, upgrading port infrastructure, and supporting maritime training institutes. Company leaders told Bloomberg they are in talks with banks to arrange up to ₹4,000 crore in funding for shipping and port projects.

Sonowal described the NBFC launch as a “major milestone” toward the government’s Maritime Amrit Kaal 2047 objectives, plugging long-standing financing gaps. Minister of State Shantanu Thakur added that a dedicated maritime lender will spur innovation, draw new investments, and boost inclusive growth along India’s coasts. SMFCL plans to roll out tailored loan products short, medium, and long-term to port authorities, shipping lines, MSMEs, startups, and educational bodies.

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