Sagarmala NBFC to tap maritime development fund for up to ₹15,000 crore

The NBFC will tap into the MDF - one of the three pillars of the Rs 69,725 crore shipbuilding package - which was created as a financial umbrella for various areas

With cabinet approval for the ₹25,000 crore Maritime Development Fund (MDF) in place, India’s first maritime finance lender — state-owned Sagarmala Finance Company (SMFCL) — will start lending with a sizable portion of the fund allocated for critical port infrastructure and shipbuilding projects.

 

“Under the new package (approved on Wednesday), SMFCL will have access to a sizeable portion of MDF’s financing window, with an initial lending capability expected in the range of ₹10,000-15,000 crore, to support port-linked logistics, coastal shipping, and shipyard-linked infrastructure,” Union shipping minister Sarbananda Sonowal told Business Standard.

 

The project launched solely to address India’s maritime funding