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Maritime Lender SMFCL Gears Up for Lending Spree
15 Dec
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.
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.
