In a landmark development for India’s maritime sector, Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, officially inaugurated Sagarmala Finance Corporation Limited (SMFCL) — India’s first dedicated Non-Banking Financial Company (NBFC) in the maritime domain.
Previously known as Sagarmala Development Company Limited, the entity has been granted NBFC status by the Reserve Bank of India (RBI) as of June 19, 2025, and now operates as a Mini Ratna, Category-I Central Public Sector Enterprise.
Transforming Maritime Finance for Amrit Kaal Vision 2047
Speaking at the launch event, Shri Sonowal stated that SMFCL will play a transformative role in fulfilling India’s Maritime Amrit Kaal Vision 2047, by addressing long-standing financing gaps in the sector. The new NBFC will offer customised financial products—short, medium, and long-term—to a wide range of stakeholders including:
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Port authorities
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Shipping companies
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MSMEs
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Startups
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Maritime educational institutions
Supporting Strategic Sectors and Innovation
SMFCL’s broader mandate also includes support for:
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Shipbuilding and ship repair
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Renewable energy in ports
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Cruise tourism
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Maritime skilling and education
Union Minister of State for MoPSW, Shri Shantanu Thakur, emphasized “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.”
Driving Sustainable and Efficient Logistics
With this strategic move, India aims to accelerate infrastructure development, attract private investment, and position itself as a global maritime power. SMFCL is expected to catalyse sustainable development, improve national logistics efficiency, and empower new players in the maritime economy.
The launch of Sagarmala Finance Corporation Limited (SMFCL) marks a pivotal shift in India’s maritime financing landscape. As the country’s first dedicated NBFC for the port and shipping sector, SMFCL is poised to unlock new opportunities for sustainable infrastructure, innovation, and economic growth. Aligned with the Maritime Amrit Kaal Vision 2047, it lays the financial foundation for India to emerge as a global maritime leader.
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Source: PIB
