Sonowal Launches First Maritime NBFC, SMFCL, to Boost Port & Shipping Finance

Marking a transformative chapter in India's maritime journey, Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal, today inaugurated Sagarmala Finance Corporation Limited (SMFCL)—India’s first-ever Non-Banking Financial Company (NBFC) dedicated exclusively to the maritime and blue economy sectors.

The launch event in New Delhi was graced by Union Minister of State for MoPSW, Shri Shantanu Thakur, and MoPSW Secretary, Shri T.K. Ramachandran, alongside dignitaries from the shipping industry, port authorities, and financial institutions. SMFCL’s inauguration aligns closely with the Maritime Amrit Kaal Vision 2047, a strategic blueprint that aims to elevate India into a top-tier global maritime power by its 100th year of independence.

From Development Company to Financial Powerhouse

Formerly operating as Sagarmala Development Company Limited, the entity has now been restructured and rebranded as Sagarmala Finance Corporation Limited (SMFCL). On June 19, 2025, SMFCL was officially registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company, thus unlocking a new avenue of dedicated financial support for maritime stakeholders.

SMFCL is also a Mini Ratna, Category-I, Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Ports, Shipping and Waterways.

Sector-Specific Financing: A Game Changer for Maritime India

Speaking at the launch, Union Minister Shri Sonowal described the registration of SMFCL as an NBFC as a historic milestone for India’s port and shipping ecosystem.

“Under the visionary leadership of Prime Minister Narendra Modi ji, the formation of SMFCL as a maritime NBFC will fill critical financing gaps, empower startups, MSMEs, and port authorities, and accelerate maritime infrastructure growth across the nation,” he said.

Shri Sonowal further highlighted SMFCL’s alignment with India’s Viksit Bharat vision and its pivotal role in sustainable maritime development, enabling India to assert global leadership in the domain of ports, shipping, and logistics.

Financial Products Tailored for the Maritime Ecosystem

As India’s first dedicated financial institution for the maritime sector, SMFCL is tasked with offering a diverse suite of financial products and services designed specifically for:

• Major and non-major port authorities

• Shipping and logistics firms

• Maritime startups

• Marine MSMEs

• Cruise tourism ventures

• Shipbuilding and ship-repair industries

• Maritime training and educational institutions

These include short-, medium-, and long-term loans, debt financing, project-based funding, and potentially equity participation in innovative projects, helping unlock both public and private capital flows into the sector.

Driving Strategic Maritime Sectors

In its broader mandate, SMFCL will also support strategic verticals including:

• Shipbuilding and ship repair

• Green and renewable energy at ports

• Cruise tourism infrastructure

• Digitalization and smart port solutions

• Skill development in maritime education

This approach not only promotes technological innovation but also ensures that the maritime economy contributes meaningfully to India’s climate goals and employment generation objectives.

A Vision for Inclusive, Sustainable Growth

Union Minister of State Shri Shantanu Thakur reinforced the importance of SMFCL in shaping India’s maritime destiny.

“By institutionalizing a sector-specific financial entity, we are creating a focused financial ecosystem for maritime infrastructure development. This will enable India to become a logistics and port hub for the Indo-Pacific and global trade corridors,” he said.

He noted that this step would encourage private sector participation, reduce dependency on conventional financing, and make maritime projects more bankable and sustainable in the long term.

Unlocking Maritime Amrit Kaal Vision 2047

The creation of SMFCL is in direct alignment with the Maritime Amrit Kaal Vision 2047, a comprehensive long-term plan that envisages:

• Modernizing existing ports

• Developing greenfield ports

• Enhancing coastal connectivity

• Strengthening inland waterways

• Transitioning to clean maritime fuels

• Boosting India’s shipping tonnage

SMFCL is now positioned as a key financial engine to drive these goals by offering capital solutions that are tailored, timely, and transformative.

Charting India’s Maritime Future

With its formation, SMFCL is expected to usher in a new era of agile, targeted maritime financing, filling a long-standing institutional void in the sector. Its specialized role ensures that the financial needs of India’s maritime ecosystem are met without competing with general-purpose banks, thereby accelerating infrastructure readiness, boosting innovation, and creating livelihood opportunities.

As India rises to meet the challenges and opportunities of a globalized maritime economy, Sagarmala Finance Corporation Limited stands as a beacon of financial empowerment, innovation, and strategic foresight.