India’s first Non-Banking Financial Company (NBFC) specifically focused on the maritime industry, Sagarmala Finance Corporation Limited (SMFCL), was inaugurated by Sarbananda Sonowal, Union Minister of Ports, Shipping & Waterways (MoPSW). He attended the official launch with MoPSW Secretary T K Ramachandran and Shantanu Thakur, Minister of State for MoPSW.
As of June 19, 2025, SMFCL, formerly known as Sagarmala Development Company Limited, has been registered with the Reserve Bank of India (RBI) as an NBFC. In line with the government’s Maritime Amrit Kaal Vision 2047, SMFCL, a Mini Ratna Category-I Central Public Sector Enterprise, is poised to significantly impact the development of maritime infrastructure.
SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions to empower ports, MSMEs, startups, and institutions, the minister 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, he added.
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.
