Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, on Thursday inaugurated Sagarmala Finance Corporation Limited (SMFCL)—India’s first Non-Banking Financial Company (NBFC) dedicated to the maritime sector. As per the ANI report, he was joined by Minister of State for MoPSW, Shantanu Thakur, and MoPSW Secretary, T.K. Ramachandran, at the official launch.
Formerly known as Sagarmala Development Company Limited, SMFCL has been formally registered as an NBFC with the Reserve Bank of India (RBI) as of June 19, 2025. A Mini Ratna Category-I Central Public Sector Enterprise, SMFCL is set to play a transformative role in maritime infrastructure development, aligning with the government’s Maritime Amrit Kaal Vision 2047.
Speaking at the event, Minister Sonowal called the registration a “major milestone” in India’s maritime journey. “Under the visionary leadership of Prime Minister Narendra Modi, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions to empower ports, MSMEs, startups, and institutions,” he said. “This fulfills a longstanding demand of the maritime industry and supports our shared goal of making India a leading global maritime power and a Viksit Bharat.”
As a sector-focused NBFC, SMFCL is uniquely positioned to provide customised financial products—including short, medium, and long-term funding —to a broad range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.
Besides core financing, SMFCL’s enhanced mandate will also cover strategic sectors like shipbuilding, alternative energy, cruise tourism, and maritime education.
Minister of State Shantanu Thakur emphasised the corporation’s role in building a specialised financial ecosystem for the sector. “With SMFCL now functioning as a dedicated NBFC, we’re fostering a targeted financial framework to accelerate maritime growth. This will unlock new avenues for innovation, investment, and inclusive development,” he said.
