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Maritime Power Boost: Rs 8,000 Crore Infusion Planned
22 Nov
Summary
- SMFCL plans to raise ₹8,000 crore this financial year.
- The funds will be sourced from banks, institutions, and bonds.
- SMFCL aims to bridge financial gaps in India's maritime sector.
Sagarmala Finance Corporation Limited (SMFCL) has announced plans to secure ₹8,000 crore during the present financial year. These funds will be raised through a combination of bank loans, financial institution financing, and bond issuances. This strategic financial move is designed to significantly enhance the nation's maritime infrastructure and operational capacity.
As India's pioneering Non-Banking Financial Company dedicated to the maritime sector, SMFCL was recently registered with the Reserve Bank of India. The corporation, operating under the Ministry of Ports, Shipping and Waterways, intends to channel these raised funds into addressing critical financial needs and stimulating investment across the maritime industry.
The approved borrowing limit for SMFCL now stands at ₹25,000 crore, with the immediate focus on mobilizing ₹8,000 crore to kickstart lending operations. This initiative aims to provide essential financial products and support to port authorities, shipping firms, MSMEs, startups, and educational institutions within the maritime domain.
