Formerly known as Sagarmala Development Company Ltd, SMFCL has now been formally registered as an NBFC with the Reserve Bank of India as of June 19, 2025. It is designated a Mini Ratna, Category-I, Central Public Sector Enterprise and is set to play a pivotal role in bridging the financial gaps in India’s maritime infrastructure, according to an official release.
Describing the launch as a “major milestone,” Minister Sonowal stated that SMFCL’s role in propelling India’s maritime ambitions. “SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. This fulfils a long-standing demand of the maritime industry,” he said, adding that the move aligns with the Maritime Amrit Kaal Vision 2047 and the goal of making India a global maritime power.
The new NBFC aims to provide short, medium, and long-term financial products to a broad spectrum of maritime stakeholders, including port authorities, shipping companies, startups, and educational institutions. It will also focus on strategic sectors such as shipbuilding, renewable energy, cruise tourism, and maritime education.
Highlighting the sectoral impact, Minister of State Shri Shantanu Thakur stated, “With SMFCL now functioning as a dedicated NBFC, we’re creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector.”
With its expanded mandate, SMFCL is expected to catalyze sustainable development and drive India’s logistics efficiency, supporting the broader vision of a Viksit Bharat (Developed India), it added.
