New Delhi, Jun 26 (PTI) Union Minister Sarbananda Sonowal on Thursday launched the country鈥檚 first non-banking financial company in the maritime sector 鈥 Sagarmala Finance Corporation Ltd (SMFCL).
As a sector-specific NBFC, SMFCL is set to bridge financing gaps in the maritime sector and catalyse economic growth, the minister of Ports, Shipping and Waterways said.
The corporation will provide financial products 鈥 including short, medium, and long-term funding 鈥 to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.
It will also render support to strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education, further strengthening the country鈥檚 vision to emerge as a global maritime leader.
Formerly known as Sagarmala Development Company Ltd, a mini ratna, public sector company 鈥 was formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of June 19, Ministry of Ports, Shipping and Waterways said in a statement.
鈥淪MFCL 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.
鈥淭his 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,鈥 Sonowal said.
With this milestone, SMFCL is set to provide a more focused and accessible financial ecosystem for India鈥檚 maritime growth, enabling projects that contribute to sustainable development, innovation, and national logistics efficiency, the statement said. PTI SID DRR