The Ministry of Ports, Shipping and Waterways announced on 23 October 2026 that the Sagarmala Finance Corporation Limited (SMFCL), India's first dedicated maritime Non Banking Financial Company, has opened its corporate office in New Delhi. SMFCL provides long-term financing for port-led development, shipbuilding, and coastal infrastructure, having already disbursed Rs 5,107 crore as of 30 September 2026. The corporation targets cumulative disbursements of Rs 60,205 crore by the end of the 2031 financial year. The release does not say when the overall scheme takes effect, but notes that the Interest Incentivisation Fund is already active.
Key points
- Target: Rs 60,205 crore in cumulative disbursements by the end of FY2031
- Current Status: Rs 11,563 crore sanctioned and Rs 5,107 crore disbursed as of 30 Sept 2026
- MDF Target: First close of Rs 5,000 crore targeted by January 2027
- Support: Government of India contributes up to Rs 9,800 crore to the Maritime Investment Fund
- IIF Progress: Rs 4,500 crore in loans supported and Rs 25 crore in interest subvention released
When it applies
- target for cumulative disbursements of Rs 60,205 crore
- completion of registration as an Alternative Investment Fund with SEBI
- target for first close of Rs 5,000 crore for MIF component of MDF
Who it affects
- maritime projects, shipyards, and lenders