New Delhi, Jan 1 (NationPress) The government has announced that Sagarmala Finance Corporation Limited (SMFCL), the inaugural maritime-focused non-banking financial company (NBFC) in India, has officially begun its lending operations, sanctioning loans totaling approximately Rs 4,300 crore.

This milestone signifies SMFCL's formal entry into maritime financing, aligning with the strategy ratified by its Board, according to the Ministry of Ports, Shipping and Waterways.

Union Minister Sarbananda Sonowal emphasized, "The initiation of lending by SMFCL represents a pivotal advancement in enhancing maritime infrastructure and financing enterprises. This initiative is bolstered by our dynamic PM Modi’s courageous, visionary leadership.”

He added, “Our commitment to long-term, future-ready growth has fostered an ecosystem that empowers specialized entities like SMFCL to drive development throughout the blue economy. With a fortified maritime sector, we are smoothly navigating towards our objective of Viksit Bharat.”

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

The ministry stated, “With the recent loan approvals expected to be disbursed within the ongoing fiscal year, SMFCL aims to achieve a loan portfolio of Rs 8,000 crore by FY 2025-26, underscoring its goal to establish itself as a dedicated and reliable financier for the maritime sector.”

Of this approval, nearly Rs 4,000 crore is allocated for a Greenfield Port Project, reinforcing the Centre’s commitment to port-led development.

Moreover, Dredging Corporation of India (DCI) received Rs 150 crore, while Goa Shipyard was allocated Rs 110 crore from the same funding, enhancing dredging capacity and indigenous shipbuilding competencies.

Initiated on June 26, 2025, SMFCL was established to address persistent financing gaps and offer sector-specific financial solutions to ports, MSMEs, startups, and institutions, in line with the ‘Amrit Kaal Vision 2047’ and broader blue economy objectives.

This achievement reflects the determination of the Prime Minister Narendra Modi-led government to construct a resilient financial framework for India's maritime advancement, as noted by the minister.

SMFCL's growth strategy is supported by strong institutional backing from the Ministry of Ports, Shipping and Waterways, which has designated the corporation as the key agency for the establishment and operational management of the Maritime Development Fund (MDF), boasting a total corpus of Rs 25,000 crore.