Swan Defence and Heavy Industries Limited (SDHI), India’s largest shipbuilding and heavy fabrication company, announced a strategic Memorandum of Understanding (MoU) with Sagarmala Finance Corporation Limited (SMFCL), India’s maritime-focused NBFC. Under the partnership, SDHI & SMFCL will jointly explore projects including newbuilds, ship repairs and ancillary maritime infrastructure for support under Maritime focused Equity Fund (MfEF).
The MoU covers four strategic areas across technical & commercial evaluation, financing, project execution, and ecosystem development to advance shipbuilding in line with Maritime India Vision 2030, PM Gati Shakti, and India’s goal of becoming a global shipbuilding leader.
SDHI and SMFCL will conduct feasibility studies covering project design, yard capacity, vessel types, and technology integration. The partnership will drive adoption of advanced, sustainable shipbuilding technologies – such as green fuels, energy-efficient designs, and digital shipyards – while promoting localisation of supply chains, vendor development, and robust backward linkages to strengthen India’s maritime manufacturing ecosystem.
Under the MoU, the partners will develop a financing plan covering capital structure, equity, debt, and credit enhancements, while identifying co-financiers such as multilateral institutions, government agencies, and private investors.
The partnership will drive sustainability and ESG reporting on emissions, safety, and labour standards, aligning India’s shipbuilding ecosystem with global benchmarks.
Rear Admiral Vipin Kumar Saxena (retd), CEO, Swan Defence and Heavy Industries said, “We are proud to partner with SMFCL to establish a strong framework to create a sustainable, globally competitive shipbuilding ecosystem. This partnership will generate high-value jobs, boost exports, strengthen supply chains, and position India as a leading force in the global maritime economy.”
SDHI and SMFCL will explore opportunities to boost vessel exports and engage in international shipbuilding value chains, while also developing a collaborative framework for industry-academia partnerships, skill development, and capacity building for the maritime workforce.