Sagarmala Finance Corporation (SMFCL), marking its foray into maritime financing, announced on Tuesday that its board has approved a loan disbursement of Rs 4,300 crore for the ongoing fiscal year. This move positions SMFCL as a pioneering enterprise in the sector, being India’s first Non-Banking Financial Company (NBFC) dedicated to maritime finances.
The organization aspires to expand its loan book to Rs 8,000 crore by the fiscal year 2025-26. The corporation, supported by the Ministry of Ports, Shipping and Waterways, has been named the nodal agency to coordinate the Maritime Development Fund worth Rs 25,000 crore, comprising a Rs 20,000 crore Maritime Investment Fund and a Rs 5,000 crore Interest Incentivization Fund.
SMFCL, previously known as Sagarmala Development Company Limited, also stated that the upcoming Shipbuilding Financing Assistance Scheme of Rs 44,700 crore will broaden its investment scope. Registered as an NBFC with the Reserve Bank of India in 2025, the corporation aims to bridge financial gaps in the maritime sector, offering diverse loan products to various public and private sector maritime entities.