Sagarmala Finance Corporation, India’s first maritime NBFC, inaugurated by Sonowal

Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal on Thursday inaugurated India’s first Non-Banking Financial Company (NBFC) in the maritime sector, Sagarmala Finance Corporation Limited (SMFCL).

Formerly known as Sagarmala Development Company Limited, SMFCL has been registered as an NBFC with the Reserve Bank of India as of June 19. It is a Mini Ratna Category-I Central Public Sector Enterprise.

“The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions,” Sonowal said.

"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,” he added.

The minister was joined by Minister of State Shantanu Thakur and Ports Secretary TK Ramachandran at the launch event held in the national capital.

As a sector-specific NBFC, SMFCL will offer short, medium, and long-term funding to port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.

It will also support shipbuilding, renewable energy, cruise tourism, and maritime education to boost India’s aim of becoming a global maritime leader.

Speaking on the occasion, 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.”

SMFCL is expected to provide a targeted and accessible financial ecosystem to enable sustainable development and enhance national logistics efficiency under the government’s maritime development plans.