India would have its own maritime financier for Sagarmala Development

By Admin

04 Jun, 2025

India is all set to deepen its maritime financial infrastructure as the Sagarmala Development Company Ltd. (SDCL) transitions into a full-fledged non-banking financial company (NBFC). This move is part of the government’s broader strategy to strengthen the country's port-led development under the Sagarmala initiative and to enable more seamless funding of marine sector projects, both domestically and internationally.

A Strategic Financial Shift

The Ministry of Ports, Shipping, and Waterways (MoPSW) is repositioning SDCL, one of its largest infrastructure arms, into a Type-II NBFC (Non-Deposits-Investment and Credit Company). The company has formally applied for a Certificate of Registration (CoR) from the Reserve Bank of India (RBI), with Union Minister Sarbananda Sonowal confirming that the certificate is expected to be issued by June 2025.

Type-II NBFCs are distinguished by their customer interface and access to public funds, setting them apart from Type-I NBFCs, which are more limited in scope and face fewer regulatory requirements. The SDCL filed its application on December 20, 2024, and has promptly responded to all queries raised by the RBI. The company is currently drafting operational policies in line with RBI’s master guidelines to comply with NBFC norms.

Financing the Future of Maritime India

Once registered, SDCL will play a critical role in financing maritime projects, including lease financing for ships, and providing debt and structured financing for qualified marine enterprises. This evolution positions SDCL as a key player in supporting India's ambitions for maritime dominance and global trade expansion.

SDCL will also be a financial pillar in the Bharat Global Ports Consortium, aiding in project financing and advisory for international port-led development. It will mobilize both short-term and long-term capital from a wide array of financial institutions to support port infrastructure, shipping, and associated maritime industries.

Strengthening Domestic Infrastructure

Beyond global ambitions, SDCL continues its core mission of enhancing India’s port infrastructure. Its activities encompass capacity upgrades at existing ports, development of new ports, and boosting allied connectivity infrastructure. In project-specific Special Purpose Vehicles (SPVs), SDCL's equity contribution will be determined based on financial due diligence and Detailed Project Reports (DPRs), with a general cap of 49% equity stake.

Leadership and Governance

The current SDCL Board includes seasoned leaders and policymakers:

• T.K. Ramachandran, Shipping Secretary – Chairman
  
  

• Dilip Kumar Gupta – Managing Director
  
  

• A.C. Nayak – Director, Finance
  
  

• R. Lakshmanan, Joint Secretary, MoPSW – Director
  
  

• Venkatesapathy S – Board Member
  
  

Their collective experience is expected to steer SDCL effectively through its NBFC transition and its expanded role in the maritime sector.

A New Era in Maritime Financing

The formation of a dedicated maritime financier like SDCL as an NBFC marks a watershed moment in India’s maritime strategy. It reflects the government's commitment to building sustainable, globally competitive port infrastructure while ensuring that financial backing keeps pace with physical expansion. With this, India moves closer to realizing the full potential of the Sagarmala vision—transforming its vast coastline into an economic powerhouse.