What is SMFCL and its role in India's maritime sector?

SMFCL is India's first Non-Banking Financial Company (NBFC) specifically for the maritime sector, tasked with providing tailored financial products for maritime projects and businesses.

How much funding does SMFCL aim to raise?

SMFCL aims to raise Rs 8,000 crore in the current fiscal year to support its lending operations.

What types of projects will SMFCL finance?

Initially, SMFCL will focus on projects with state or central government backing and partnerships, including those involving port authorities and shipping companies.

Home / Business and Economy / Maritime Lender SMFCL Gears Up for Lending Spree

Maritime Lender SMFCL Gears Up for Lending Spree

15 Dec

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Summary

SMFCL plans to begin lending operations soon, focusing on government-backed projects.
The company aims to raise Rs 8,000 crore this fiscal year for maritime initiatives.
Discussions are underway with state maritime boards to expand operations nationwide.

Maritime Lender SMFCL Gears Up for Lending Spree

Sagarmala Finance Corporation Limited (SMFCL), India's pioneering NBFC for the maritime sector, is poised to commence lending operations. Initial focus will be on projects secured by state or central government backing. The company is actively engaging with state maritime boards to broaden its operational footprint.

SMFCL anticipates raising Rs 8,000 crore in the current fiscal year, leveraging its unique position as the sole financier for the maritime industry. It has already signed agreements for tentative projects valued at over Rs 3.5 lakh crore. Discussions are also in progress with various financial institutions for this fundraise.

The NBFC, which has a strong financial standing with no non-performing assets and competitive borrowing costs, is set to offer tailored financial solutions. These include short, medium, and long-term funding for port authorities, shipping companies, MSMEs, startups, and educational institutions within the maritime domain.