Sagarmala Development to fund all suitable maritime projects, says Sonowal

To finance marine projects both domestically and abroad, India is on track to finish repositioning one of its biggest infrastructure development agencies, Sagarmala Development Company Ltd (SDCL), into a non-banking financial firm, said Mr Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways. As a Type-II NBFC (Non-Deposits-Investment and Credit Company), SDCL has applied for a Certificate of Registration (CoR) from the Reserve Bank of India, which is expected to be issued shortly. Following accreditation, SDCL will provide funding for all suitable projects in the maritime sector, including shipping and lease financing. The organisation intends to lease finance shipping and offer debt and financing to all appropriate marine enterprises. SDCL will be responsible for the financial aspects of projects as part of the Bharat Global Ports Consortium, which will look for port-led development projects abroad, as per a report.

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