India’s first dedicated non-banking financial company (NBFC) for the maritime sector, SMFCL has sanctioned ₹11,563 crore in financing and disbursed ₹5,107 crore as of September 30, reflecting its growing role in supporting port-led development and maritime infrastructure.    The corporation aims to achieve cumulative disbursements of ₹60,205 crore by the end of FY2031. Meeting this target will require adequate equity support to expand its lending capacity in line with Reserve Bank of India (RBI) norms and maintain an appropriate debt-to-equity ratio.    Speaking at the inauguration, Sonowal said SMFCL was playing a pivotal role in mobilising long-term finance for port-led development, shipbuilding and coastal connectivity, contributing to the overall growth of India’s maritime economy.    He added that the corporation would be instrumental in advancing Prime Minister Narendra Modi’s vision of positioning India as a leading maritime nation by 2047 under the Maritime Amrit Kaal Vision 2047.    Progress is also being made on the Maritime Development Fund (MDF), which comprises the Maritime Investment Fund (MIF) and the Interest Incentivisation Fund (IIF).    SBI Ventures Limited has been appointed as the official fund manager for the MIF. Registration of the fund as an Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI) is expected to be completed by the end of November, with the first close of ₹5,000 crore targeted by January 2027.    The IIF is already operational, with its online portal, www.iifmdf.in, now live. Loans worth ₹4,500 crore have received support under the scheme, while approximately ₹25 crore has been released as interest subvention against interest paid by borrowers.    The government’s contribution of up to ₹9,800 crore to the Maritime Investment Fund will be channelled through SMFCL, with SBI Ventures responsible for professional fund management.    SMFCL’s mandate extends across several key maritime development programmes, providing financial support at different stages of project development.    Under the Interest Incentivisation Fund, the corporation administers the incentive mechanism, operates the application and claims portal, and releases interest support to eligible shipyards to reduce borrowing costs.    Under the Shipbuilding Development Scheme, SMFCL manages the credit risk cover corpus, supported by premium and claims reviews, to provide protection against payment risks for shipyards and lenders.    The corporation also appraises, sanctions and monitors loans for projects covering ports, rail and road connectivity, inland waterways, coastal infrastructure, port-hinterland logistics, shipbuilding and ship repair.    In addition, SMFCL oversees the release and utilisation of funds allocated to Sagarmala initiatives and the National Maritime Heritage Complex (NMHC), ensuring that financial resources reach designated projects and that their utilisation is monitored.   

With its expanding financing portfolio, dedicated institutional infrastructure and multiple funding mechanisms, SMFCL is expected to play an increasingly important role in mobilising capital for India’s maritime infrastructure, shipbuilding capabilities and integrated logistics networks.