New Delhi, October 24 — Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal on Saturday inaugurated the corporate office of Sagarmala Finance Corporation Limited (SMFCL) in New Delhi, establishing a permanent base for India's first dedicated maritime-sector non-banking financial company (NBFC), India Shipping News reported from the government release.
Source: India Shipping News (PIB release)
As of September 30, SMFCL had sanctioned Rs 11,563 crore in financing — yaani about Rs 115.63 billion — and disbursed Rs 5,107 crore, yaani about Rs 51.07 billion, with more than half the sanctioned amount still to be drawn down as projects progress, the reports said. The corporation targets cumulative disbursements of Rs 60,205 crore — yaani about Rs 602.05 billion — by the end of FY2031, subject to adequate equity support and regulatory requirements.
Source: India Water Future / TNM Bureau
SMFCL manages financing and credit-risk support for ports, shipbuilding, ship repair, inland waterways, coastal connectivity and port-linked logistics, as part of the Maritime Amrit Kaal Vision 2047 push to mobilise long-term capital for India's maritime infrastructure, the reports said.
Source: India Water Future / TNM Bureau
The Maritime Development Fund is also advancing: SBI Ventures has been appointed fund manager for its Maritime Investment Fund, with alternative-investment-fund registration with SEBI expected by end-November 2026 and a first close of Rs 5,000 crore (yaani Rs 50 billion) targeted for January 2027, the reports said.
Source: Tulsian AI News
The fund's Interest Incentivisation Fund component is already operational and has so far supported loans worth about Rs 4,500 crore (yaani Rs 45 billion), with approximately Rs 25 crore in interest subsidies released to borrowers, according to the reports.
Source: Tulsian AI News