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Sagarmala Finance Corporation Ltd has sanctioned INR 4,300 crore for maritime sector lending as it scales up operations as India's dedicated maritime NBFC. Around INR 100 crore from the approved amount is expected to go to Goa Shipyard Ltd. The corporation has an overall borrowing approval of INR 25,000 crore and aims to build a loan book of INR 8,000 crore. It is also the nodal agency for the INR 25,000 crore Maritime Development Fund, supporting ports, shipbuilding and related infrastructure.
Sagarmala Finance Corporation Ltd (SMFCL), the country's dedicated maritime sector financier, has sanctioned INR 4,300 crore for lending to ports, shipping and allied maritime segments. The approvals were cleared during a recent board meeting as the corporation moves to scale up operations in its first full year as a non-banking financial company focused exclusively on maritime infrastructure. Advertisement
Of the total amount sanctioned, around INR 100 crore is expected to be extended to state-owned Goa Shipyard Ltd to support capacity expansion and ongoing shipbuilding requirements. This is among the initial set of large loans being processed by SMFCL after it commenced lending operations.
The corporation has an overall borrowing approval of INR 25,000 crore, within which it plans to raise about INR 8,000 crore during the current year to build its loan book. The target is to achieve a lending portfolio of around INR 8,000 crore, enabling funding support across ports, shipyards, inland waterways and logistics-linked maritime projects.
SMFCL is also the nodal agency for implementing the Maritime Development Fund, which has a total corpus of INR 25,000 crore. This includes a Maritime Investment Fund of INR 20,000 crore and an Interest Incentivisation Fund of INR 5,000 crore, aimed at improving access to long-term and affordable capital for the sector.
Under existing regulatory norms, the corporation can lend up to INR 500 crore per project to public sector entities and up to INR 100 crore per project to private companies at this stage, based on its current net worth of around INR 1,200 crore. Its lending offerings include short-, medium- and long-term loans, along with non-fund-based products to address cash flow and financing gaps.
SMFCL was registered earlier this year as a successor to the Sagarmala Development Company, which primarily provided equity support to maritime projects. The corporation continues to hold equity stakes in five special purpose vehicles and plans to retain these investments due to stable dividend income.
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