Sagarmala Finance to raise $467 mn to boost shipping

 

Lender Sagarmala Finance Corp. is in talks with banks to raise up to 40 billion rupees ($467 million) to support the shipping sector, said its Managing Director, Mr Dilip Kumar Gupta, on the sidelines of an industry event in Delhi. The state-owned firm will unlock finance for small businesses such as barge operators and cruise and fishing vessels, which have been finding it hard to secure loans from banks, he added.

Sagarmala Finance Corp. is in talks with banks, including Punjab National Bank and HDFC Bank, to help meet its lending goal for the current fiscal year. SFCL can independently lend up to 1.5 billion rupees per project, but for bigger funding needs, it will form partnerships with other public financial institutions. It aims to more than double its loan offering to 10 billion rupees in the next fiscal, as per a report.

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