New Delhi, Jan 1 (IANS) The government has said that Sagarmala Finance Corporation Limited (SMFCL), India’s first maritime focused non-banking financial company (NBFC), commenced its lending operations and approved loan sanctions of about Rs 4,300 crore.

With this, SMFCL has formally entered the maritime lending space in line with the strategy approved by its Board, said Ministry of Ports, Shipping and Waterways.

“SMFCL’s entry into lending marks an important step in strengthening maritime infrastructure and enterprise financing. This initiative draws strength from our dynamic PM Modi’s bold, inspiring and visionary leadership,” said Union Minister Sarbananda Sonowal.

“Such commitment to long-term, future-ready growth has created the ecosystem that enables specialised institutions like SMFCL to catalyse development across the blue economy. With strengthened maritime sector, we are cruising smoothly towards our goal of Viksit Bharat,” the minister noted.

This follows an aggressive market roadmap cleared at SMFCL’s annual general meeting (AGM), where the Board approved an overall borrowing limit of Rs 25,000 crore and a lending target of Rs 8,000 crore for the current financial year.

“With the latest sanctions scheduled for disbursement within the ongoing fiscal year, SMFCL is targeting a loan book of Rs 8,000 crore in FY 2025-26, reinforcing its ambition to emerge as a dedicated and credible financier for the maritime sector,” said the ministry in a statement.

Nearly Rs 4,000 crore has been earmarked for a Greenfield Port Project, reinforcing the Centre’s push for port-led development.

In addition, Dredging Corporation of India (DCI) secured Rs 150 crore, while Goa Shipyard received Rs 110 crore from the same tranche, supporting dredging capacity and indigenous shipbuilding capabilities.

Launched on June 26, 2025, SMFCL was created to bridge long-standing financing gaps and deliver sector-specific financial solutions to ports, MSMEs, startups and institutions, in alignment with the ‘Amrit Kaal Vision 2047’ and the country’s broader blue economy goals.

This is a milestone which reflects Prime Minister Narendra Modi-led government’s resolve to build robust financial architecture for India’s maritime growth, said the minister.

SMFCL’s expansion strategy is backed by strong institutional support from the Ministry of Ports, Shipping and Waterways, which has designated the corporation as the nodal agency for the establishment and operational coordination of the Maritime Development Fund (MDF) with a total corpus of Rs 25,000 crore.

—IANS

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