India’s first maritime NBFC launched

India launched its first maritime sector Non Banking Financial Company (NBFC), Sagarmala Finance Corporation Limited (SMFCL), Thursday. Addressing the event, Minister of Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal said SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, startups, and institutions.

Speaking on the occasion, Union Ports, Shipping, and Waterways Minister, Sarbananda Sonowal said, “This has fulfilled a long standing demand of the maritime industry in the country.”

SMFCL, a Mini Ratna, Category-I, Central Public

Sector Enterprise, was formally registered as a NBFC with the Reserve Bank of India (RBI) earlier this month.

Officials said SMFCL has Rs 680 crore Tier 1 capital which can be leveraged to borrow a targeted Rs 3400 crore. “We are ready to offer much bigger loans with consortium partners,” an official told ET.

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.

In its expanded mandate, SMFCL will also support strategic sectors like shipbuilding, renewable energy, and cruise tourism, the statement added.