India’s first maritime NBFC SMFCL begins lending, sanctions ₹4,300 crore

Sagarmala Finance Corporation Limited (SMFCL), India’s first maritime-focused Non-Banking Financial Company (NBFC), has commenced lending operations, marking a significant step in strengthening the country’s maritime finance ecosystem. The company approved loan sanctions of about ₹4,300 crore at its 51st Board Meeting held on December 30, 2025.

With this move, SMFCL formally entered the maritime lending space in line with the strategy approved by its Board. The sanctions are scheduled for disbursement within the current fiscal year, as the corporation targets building a loan book of ₹8,000 crore in FY 2025-26. Earlier, the Board had approved an overall borrowing limit of ₹25,000 crore and a lending target of ₹8,000 crore for the year.

Of the sanctioned amount, around ₹4,000 crore has been earmarked for a greenfield port project, reinforcing the government’s thrust on port-led development. In addition, Dredging Corporation of India (DCI) secured ₹150 crore, while Goa Shipyard Limited received ₹110 crore, supporting dredging capacity and indigenous shipbuilding.

Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said the commencement of lending reflects the Centre’s resolve to build a robust financial architecture for maritime growth under the leadership of Prime Minister Narendra Modi. He said the initiative would strengthen maritime infrastructure, enhance enterprise financing and support the country’s long-term blue economy goals.

SMFCL was inaugurated on June 26, 2025, as a dedicated NBFC to address long-standing financing gaps in the maritime sector. The institution has been created to provide sector-specific financial solutions to ports, MSMEs, startups and other stakeholders, in line with the Amrit Kaal Vision 2047.

The corporation is expected to receive credit ratings from major agencies shortly, a move that could help optimise borrowing costs and scale up lending operations. SMFCL has also been designated by the Ministry of Ports, Shipping and Waterways as the nodal agency for establishing and operationalising the Maritime Development Fund (MDF) with a total corpus of ₹25,000 crore.

The MDF includes a Maritime Investment Fund of ₹20,000 crore and an Interest Incentivisation Fund of ₹5,000 crore. SMFCL will manage the government’s contribution to these funds and channelise interest incentives, expanding funding support across maritime segments.

Officials said upcoming guidelines for the Shipbuilding Financial Assistance Scheme, with an outlay of ₹44,700 crore, are expected to open new investment opportunities in shipbuilding and allied industries. With lending operations underway, SMFCL is poised to play a catalytic role in accelerating maritime infrastructure development, supporting indigenous manufacturing and deepening access to institutional finance for India’s growing blue economy.