Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal on Friday said the Sagarmala Finance Corporation Limited (SMFCL), India's first non-banking financial company dedicated to the maritime sector, aims to achieve financing approvals worth Rs 60,205 crore by 2031.
Sonowal made the remarks while inaugurating the permanent office of SMFCL at the Institute for Studies in Industrial Development (ISID) in New Delhi. The minister said the organisation would play a key role in supporting India's maritime sector under Prime Minister Narendra Modi's Maritime Amrit Kaal Vision 2047.
As of September 30, 2026, SMFCL had sanctioned financial assistance worth Rs 11,563 crore, of which Rs 5,107 crore had received approval, according to an official statement. The funding is expected to support the implementation of various projects linked to the maritime sector.
The corporation aims to expand its financing activities in line with Reserve Bank of India regulations and applicable lending limits, with a target of securing approvals worth Rs 60,205 crore by the end of the 2031 financial year.
Sonowal said SMFCL would help mobilise long-term funds for port development, promote shipbuilding, improve coastal connectivity and support the overall expansion of India's maritime economy.
He added that the institution would contribute to the Prime Minister's vision of making India a leading global maritime power by 2047.
Rs 5,000 Crore Maritime Development Fund in First Phase
The minister also said the first phase of the Maritime Development Fund had been successfully completed with an allocation of Rs 5,000 crore.
The fund comprises two separate components. SBI Ventures Limited has been appointed as the government fund manager for the Maritime Investment Fund (MIF), which is expected to be registered with the Securities and Exchange Board of India (SEBI) as an alternative investment fund by the end of November.
The first phase of the fund's operations is targeted for completion by January 2027.
Meanwhile, the Interest Incentive Fund (IIF) has already become operational through its online portal, [www.iifmdf.in](http://www.iifmdf.in). The portal has received applications and interest for loans amounting to around Rs 4,500 crore, while borrowers have received interest concessions of approximately Rs 25 crore against interest payments.
Focus on Maritime Infrastructure and Investment
Under the existing financing schemes, SMFCL supports maritime projects from the initial planning stage to the final loan process.
The Government of India has committed a contribution of up to Rs 9,800 crore towards the maritime investment fund through SMFCL, while SBI Ventures Limited will provide professional fund management services.
Sonowal said the initiatives were aimed at building a strong, self-reliant and globally competitive maritime sector under the Maritime Amrit Kaal Vision 2047.
He added that the corporation would help improve access to finance for maritime projects and strengthen India's position in the global maritime economy.