India Sets Sail with First Maritime NBFC: Sagarmala Finance Corporation Ltd Launched

Union Minister Sarbananda Sonowal launched Sagarmala Finance Corporation Ltd, India's first non-banking financial company tailored for the maritime sector. SMFCL aims to bridge financing gaps, supporting stakeholders like port authorities and MSMEs, and facilitate growth in areas like shipbuilding and renewable energy to propel India as a maritime leader.

In a groundbreaking development for India's maritime sector, Union Minister Sarbananda Sonowal inaugurated the nation's first non-banking financial company, Sagarmala Finance Corporation Ltd (SMFCL), on Thursday. Aimed at addressing financial deficiencies within the sector, this launch stands to accelerate economic growth and development.

SMFCL, a sector-specific NBFC, is equipped to provide a variety of financial products including short, medium, and long-term funding for port authorities, shipping companies, and other key maritime stakeholders. Its efforts will support pivotal sectors such as shipbuilding and renewable energy, contributing to a robust national maritime framework.

Registered with the Reserve Bank of India, SMFCL marks a pivotal shift from its previous avatar as Sagarmala Development Company Ltd. The initiative aligns with India's vision for Maritime Amrit Kaal by 2047, emphasizing innovation and sustainable development within the international maritime arena.

(With inputs from agencies.)