New Delhi, October 24, 2026: Sagarmala Finance Corporation Limited (SMFCL), India’s first dedicated maritime non-banking financial company (NBFC), aims to achieve cumulative loan disbursements of ₹60,205 crore by the end of financial year 2030–31 to support maritime infrastructure, shipbuilding and coastal connectivity. As of September 30, 2026, the government-backed lender had sanctioned ₹11,563 crore and disbursed ₹5,107 crore.
The Ministry of Ports, Shipping and Waterways disclosed the figures on October 23 during the inauguration of SMFCL’s corporate office at the Institute for Studies in Industrial Development (ISID) in New Delhi by Union Minister Sarbananda Sonowal.
Of the ₹11,563 crore sanctioned, ₹6,456 crore remained undisbursed as of September 30. Further disbursements will depend on project progress and applicable financing conditions.
According to the ministry, SMFCL’s target of ₹60,205 crore in cumulative disbursements by FY2030–31 is subject to sufficient equity support and compliance with Reserve Bank of India (RBI) requirements, including those relating to the corporation’s debt-to-equity position.
The lender supports maritime infrastructure and related activities, including port-led development, shipbuilding and coastal connectivity.
Alongside SMFCL’s lending operations, the government is advancing the Maritime Development Fund (MDF), which aims to improve access to long-term financing for the maritime sector.
SBI Ventures Limited has been appointed fund manager for the Maritime Investment Fund, a component of the MDF.
The ministry said registration of the fund as an Alternative Investment Fund with the Securities and Exchange Board of India (SEBI) is targeted for completion by the end of November 2026.
The fund is also aiming for its first close of ₹5,000 crore by January 2027. The proposed Government of India contribution of up to ₹9,800 crore will be channelled through SMFCL.
However, the ₹5,000 crore first-close target has not yet been achieved, and the government’s proposed contribution should not be treated as funding already released.
Another component of the Maritime Development Fund, the Interest Incentivisation Fund (IIF), has begun providing financing support to eligible shipbuilding projects.
According to the ministry, the IIF’s online portal is operational, and loans worth ₹4,500 crore have been supported through the scheme.
Separately, approximately ₹25 crore has been released as interest subvention against interest payments made by borrowers.
The interest-support mechanism aims to reduce borrowing costs for eligible shipyards, with SMFCL responsible for managing applications, incentive calculations, claims and approved payments.
Under the Shipbuilding Development Scheme, SMFCL also manages a credit-risk cover corpus designed to provide financial protection against specified payment-related risks, subject to the scheme’s conditions.
Speaking at the inauguration, Sonowal highlighted SMFCL’s role in mobilising long-term financing for maritime infrastructure, strengthening domestic shipbuilding and supporting coastal connectivity.
The corporation also oversees the release and utilisation of funds associated with the Sagarmala programme and the National Maritime Heritage Complex.
The ministry’s announcement outlines plans to expand institutional financing for India’s maritime sector, with SMFCL targeting cumulative disbursements of ₹60,205 crore by the end of FY2030–31.
The target remains dependent on additional equity support, regulatory compliance and project implementation, while the Maritime Investment Fund is working towards its registration and initial fundraising milestones.
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