Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal inaugurated the corporate office of Sagarmala Finance Corporation Limited (SMFCL) at the Institute for Studies in Industrial Development in New Delhi on October 24, establishing a permanent base for India’s first dedicated maritime-sector non-banking financial company. As of September 30, SMFCL had sanctioned ₹11,563 crore in financing and disbursed ₹5,107 crore, with cumulative disbursements targeted to reach ₹60,205 crore by the end of FY2031, subject to adequate equity support and regulatory requirements. The Maritime Development Fund is also advancing, with SBI Ventures appointed as fund manager for its Maritime Investment Fund and a first-close target of ₹5,000 crore by January 2027. Meanwhile, the operational Interest Incentivisation Fund has supported loans worth ₹4,500 crore and disbursed approximately ₹25 crore in interest subsidies. SMFCL also manages financing and credit-risk support for ports, shipbuilding, ship repair, inland waterways, coastal connectivity and port-linked logistics, strengthening long-term capital mobilisation for India’s maritime infrastructure and the Maritime Amrit Kaal Vision 2047.
Source: TNM Bureau