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Dredging Corporation of India Ltd.

Capt. S. Divakar takes charge as MD and CEO of Dredging Corporation of India, following board approval for his appointment.

Sagarmala Finance Corporation Limited (SMFCL), India’s first maritime-focused NBFC, has commenced lending operations and sanctioned around Rs 4,300 crore in loans. Key allocations include nearly Rs 4,000 crore for a greenfield port project, Rs 150 crore to Dredging Corporation of India, and Rs 110 crore to Goa Shipyard. SMFCL targets an Rs 8,000 crore loan book in FY26.

New Delhi, Jan 1 : The government has said that Sagarmala Finance Corporation Limited (SMFCL), India’s first maritime focused non-banking financial company (NBFC), commenced its lending operations and approved loan sanctions of about Rs 4,300 crore. With this, SMFCL has formally entered the maritime lending space in line with the strategy approved by its Board, said Ministry of Ports, Shipping and Waterways. “SMFCL’s entry into lending marks an important step in strengthening maritime infrastructure and enterprise financing. This initiative draws strength from our dynamic PM Modi’s bold, inspiring and visionary leadership,” said Union Minister Sarbananda Sonowal. “Such commitment to long-term, future-ready growth has created the ecosystem that enables specialised institutions like SMFCL to catalyse development across the blue economy. With strengthened maritime sector, we are cruising smoothly towards our goal of Viksit Bharat,” the minister noted. This follows an aggressive market roadmap cleared at SMFCL’s annual general meeting (AGM), where the Board approved an overall borrowing limit of Rs 25,000 crore and a lending target of Rs 8,000 crore for the current financial year. “With the latest sanctions scheduled for disbursement within the ongoing fiscal year, SMFCL is targeting a loan book of Rs 8,000 crore in FY 2025-26, reinforcing its ambition to emerge as a dedicated and credible financier for the maritime sector,” said the ministry in a statement.

PM Modi announces ₹4000 crore for modernizing Dredging Corporation of India, enhancing fleet and capacity for improved dredging infrastructure.