Sonowal inaugurates India's first NBFC for maritime sector

New Delhi, June 26 (IANS) Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal on Thursday inaugurated the Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) in the maritime sector.

Formerly known as the Sagarmala Development Company Limited, the SMFCL is now positioned to play a transformative role in India’s maritime infrastructure development. A Mini Ratna Central Public Sector Enterprise, the SMFCL has been formally registered as an NBFC with the Reserve Bank of India (RBI).

As a sector-specific NBFC, the SMFCL is uniquely poised to bridge financing gaps in the maritime sector and catalyse economic growth. The corporation will offer tailored financial products—including short, medium, and long-term funding—to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.

In its expanded mandate, the SMFCL will also support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India’s vision to emerge as a global maritime leader.

In his remarks on the occasion, Sonowal said: "The registration of the Sagarmala Finance Corporation Limited as an NBFC is 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, empowering ports, MSMEs, startups, and institutions."

“It has fulfilled a long-standing demand of the maritime industry in the country. This move is in perfect alignment with the Maritime Amrit Kaal Vision 2047 and our shared goal of making India a leading global maritime power and Viksit Bharat,” the minister added.

Union Minister of State for Ports, Shipping & Waterways Shantanu Thakur said: "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."

With this milestone, the SMFCL is set to provide a more focused and accessible financial ecosystem for India’s maritime growth, enabling projects that contribute to sustainable development, innovation, and national logistics efficiency, he added.

--IANS

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