Sonowal launches India’s first maritime-focused NBFC, marking a new era in sectoral financing

THEBUSINESSBYTES BUREAU

NEW DELHI, JUNE 26, 2025

In a landmark development for India’s maritime sector, Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal on Thursday inaugurated the Sagarmala Finance Corporation Limited (SMFCL), the country’s first Non-Banking Financial Company (NBFC) dedicated exclusively to maritime infrastructure and development.

Formerly operating as the Sagarmala Development Company Limited, the corporation has been formally registered with the Reserve Bank of India as an NBFC and elevated to the status of a Mini Ratna Central Public Sector Enterprise. With this transformation, SMFCL is now poised to address critical financing gaps in maritime infrastructure, offering customised financial products to stakeholders including port authorities, shipping firms, MSMEs, startups, and academic institutions in the maritime domain.

Describing the launch as a significant step towards realizing the country’s maritime ambitions, Sonowal said, “The registration of SMFCL as an NBFC is a major milestone in India’s maritime journey. Under Prime Minister Narendra Modi’s visionary leadership, we are building the maritime sector into a strong pillar of the national economy. SMFCL will empower a wide array of stakeholders by providing tailored, sector-specific financing.”

With an expanded mandate, SMFCL will also support strategic areas such as shipbuilding, renewable energy, cruise tourism, and maritime education — strengthening India’s bid to become a global maritime leader. The move aligns with the Maritime Amrit Kaal Vision 2047 and the nation’s broader objective of becoming a Viksit Bharat.

Union Minister of State for Ports, Shipping & Waterways Shantanu Thakur underscored the transformative potential of SMFCL, stating, “By establishing a dedicated NBFC, we’re fostering a robust financial ecosystem to catalyse innovation, investment, and inclusive development across the maritime value chain.”

The launch of SMFCL is expected to significantly enhance the financial viability of maritime projects, boost investor confidence, and accelerate the sector’s contribution to sustainable economic growth and national logistics efficiency.