Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) in the maritime sector.
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 NBFC with the Reserve Bank of India as of June 19, 2025.
Speaking on the occasion, Sarbananda Sonowal said, “The registration of SMFCL 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. 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.
Union Minister of State for MoPSW, Shantanu Thakur said, “With SMFCL now functioning as a dedicated NBFC, we are creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector.”
