“SMFCL to bridge financial gaps and offer financial solutions to spruce up maritime sector’s financial needs": Sarbananda Sonowal

The Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal today inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) in the maritime sector. The Union Minister Shri Sonowal was joined by the Union Minister of State for MoPSW, Shri Shantanu Thakur along with Secretary, MoPSW, TK Ramachandran at the launch.

Formerly known as Sagarmala Development Company Limited, SMFCL is now positioned to play a transformative role in India’s maritime infrastructure development, in alignment with the Amrit Kaal Vision 2047. SMFCL —a Mini Ratna, Category-I, Central Public Sector Enterprise—has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of June 19, 2025.

Speaking on the occasion, the Union Minister, Shri Sarbananda Sonowal said, “The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. Under the visionary leadership of Prime Minister Shri Narendra Modi ji, 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.”

As a sector-specific NBFC, 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, 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.

Speaking on the occasion, the Union Minister of State for MoPSW, Shri 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, 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.