Latest news with #MaritimeAmritKaalVision2047
Mint
a day ago
- Business
- Mint
Mazagon Dock makes first global push, picks majority stake in Colombo Dockyard for $53 million. Details here
In its first-ever international acquisition, Mazagon Dock Shipbuilders Limited (MDL) on Friday announced that it has decided to acquire a controlling stake in Colombo Dockyard PLC (CDPLC), which is Sri Lanka's largest shipbuilding and repair facility. The deal, valued at around $52.96 million, aligns with Maritime Amrit Kaal Vision 2047, which aims to strengthen India's maritime industry. MDL is set to acquire a controlling stake in Colombo Dockyard PLC, Sri Lanka's largest shipyard, in a deal worth up to $52.96 million, marking MDL's first international acquisition, the company said on X (formerly Twitter). The acquired company is located in the Port of Colombo, giving MDL a strategic foothold in the Indian Ocean Region, which is a key maritime corridor. With this deal, MDL begins its transformation from a domestic shipbuilder to a regional maritime player with global ambitions. Aligned with Maritime Amrit Kaal Vision 2047, this move strengthens India's regional maritime influence and expands MDL's global reach, the company said in the official notice. Mazagon Dock is a defence public-sector unit (PSU) and is officially known as Mazagon Dock Shipbuilders Limited. The company specialises in building and repairing warships, submarines, and a wide range of other vessels for the Indian Navy and other clients. The company is India's foremost defence shipyard and a public sector undertaking under the Ministry of Defence. Defence stocks have been in the news lately, as the government is focusing heavily on localisation, increased capital expenditure in the sector, and the 'Make-in-India' initiative, which is driving growth for industrial PSUs.
Time of India
a day ago
- Business
- Time of India
Mazagon Dock marks first foreign acquisition with $53 million Colombo Dockyard deal
In its first-ever international acquisition , Mazagon Dock Shipbuilders Limited (MDL) announced on Friday that it will acquire a controlling stake in Colombo Dockyard PLC (CDPLC), Sri Lanka's largest shipbuilding and repair facility , in a deal valued at up to $52.96 million. Located within the Port of Colombo—one of the busiest transshipment hubs in the Indian Ocean Region—CDPLC provides MDL with a strategic foothold in a critical maritime corridor, India's leading defence shipyard said in the announcement. "With this, MDL begins its transformation from a domestic shipbuilder to a regional maritime player with global ambitions. Aligned with Maritime Amrit Kaal Vision 2047 , this move strengthens India's regional maritime influence and expands MDL's global reach," MDL said. Economic Times WhatsApp channel )
Time of India
2 days ago
- Business
- Time of India
India launches first maritime NBFC to boost port, shipping and blue economy sectors
Union minister Sarbananda Sonowal launches key tech initiatives to boost efficiency, productivity in major maritime digital push. NEW DELHI: In a major push to strengthen India's maritime economy, Union minister Sarbananda Sonowal on Thursday launched the country's first sector-specific Non-Banking Financial Company (NBFC), Sagarmala Finance Corporation Ltd (SMFCL). The corporation, which was formerly known as Sagarmala Development Company Ltd, has now been registered as an NBFC with the Reserve Bank of India (RBI) as of June 19, the Ministry of Ports, Shipping and Waterways confirmed. 'SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions,' said Sonowal at the launch. 'This has been a long-standing demand of the maritime industry and aligns with our Maritime Amrit Kaal Vision 2047.' A financing engine for India's maritime future As a specialised financial entity, SMFCL will offer short-, medium-, and long-term funding tailored to the maritime sector. The beneficiaries include port authorities, shipping firms, maritime startups, MSMEs, and even educational institutions focused on maritime studies. Beyond traditional shipping and port logistics, the NBFC will also support strategic growth areas like shipbuilding, cruise tourism, renewable energy, and maritime education. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Vision 2047 and Viksit Bharat The launch of SMFCL fits squarely into India's broader Maritime Amrit Kaal Vision 2047, which aims to make India a global maritime leader and a key node in global trade and logistics. With its new financial arm, the government hopes to unlock stalled infrastructure projects, fuel innovation, and contribute to national logistics efficiency. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
Sarbananda Sonowal inaugurates Sagarmala Finance Corporation Limited, India's first maritime non-banking financial company
New Delhi: The Union Minister of Ports, Shipping & Waterways MoPSW), Sarbananda Sonowal , on Thursday inaugurated Sagarmala Finance Corporation Limited (SMFCL), India's first Non-Banking Financial Company (NBFC) in the maritime sector . The Union Minister Sonowal was joined by the Union Minister of State for MoPSW, Shantanu Thakur along with Secretary, MoPSW, TK Ramachandran at the launch. Formerly known as Sagarmala Development Company Limited, SMFCL is now positioned to play a transformative role in India's maritime infrastructure development, in alignment with the Amrit Kaal Vision 2047 . SMFCL --a Mini Ratna, Category-I, Central Public by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When the Camera Clicked at the Worst Possible Time Read More Undo Sector Enterprise has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of June 19, 2025. Speaking on the occasion, the Union Minister, Sarbananda Sonowal, said, "The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India's maritime journey. Under the visionary leadership of Prime Minister Narendra Modi, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. SMFCL will bridge crucial financing gaps and offer Sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. It has fulfilled a long-standing demand of the maritime industry in the country. This move is in perfect alignment with the Maritime Amrit Kaal Vision 2047 and our shared goal of making India a leading global maritime power and Viksit Bharat." Live Events As a sector-specific NBFC, SMFCL is uniquely poised to bridge financing gaps in the maritime sector and catalyse economic growth. The corporation will offer tailored financial products--including short, medium, and long-term funding--to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions. In its expanded mandate, SMFCL will also support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India's vision to emerge as a global maritime leader. Speaking on the occasion, the Union Minister of State for MoPSW, Shantanu Thakur, said, "With SMFCL now functioning as a dedicated NBFC, we're creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector." With this milestone, SMFCL is set to provide a more focused and accessible financial ecosystem for India's maritime growth, enabling projects that contribute to sustainable development, innovation, and national logistics efficiency.
India Gazette
2 days ago
- Business
- India Gazette
Sarbananda Sonowal inaugurates Sagarmala Finance Corporation Limited, India's first maritime non-banking financial company
New Delhi [India], June 26 (ANI): The Union Minister of Ports, Shipping & Waterways MoPSW), Sarbananda Sonowal, on Thursday inaugurated Sagarmala Finance Corporation Limited (SMFCL), India's first Non-Banking Financial Company (NBFC) in the maritime sector. The Union Minister Sonowal was joined by the Union Minister of State for MoPSW, Shantanu Thakur along with Secretary, MoPSW, TK Ramachandran at the launch. Formerly known as Sagarmala Development Company Limited, SMFCL is now positioned to play a transformative role in India's maritime infrastructure development, in alignment with the Amrit Kaal Vision 2047. SMFCL --a Mini Ratna, Category-I, Central Public Sector Enterprise has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of June 19, 2025. Speaking on the occasion, the Union Minister, Sarbananda Sonowal, said, 'The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India's maritime journey. Under the visionary leadership of Prime Minister Narendra Modi, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. SMFCL will bridge crucial financing gaps and offer Sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. It has fulfilled a long-standing demand of the maritime industry in the country. This move is in perfect alignment with the Maritime Amrit Kaal Vision 2047 and our shared goal of making India a leading global maritime power and Viksit Bharat.' As a sector-specific NBFC, SMFCL is uniquely poised to bridge financing gaps in the maritime sector and catalyse economic growth. The corporation will offer tailored financial products--including short, medium, and long-term funding--to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions. In its expanded mandate, SMFCL will also support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India's vision to emerge as a global maritime leader. Speaking on the occasion, the Union Minister of State for MoPSW, Shantanu Thakur, said, 'With SMFCL now functioning as a dedicated NBFC, we're creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector.' With this milestone, SMFCL is set to provide a more focused and accessible financial ecosystem for India's maritime growth, enabling projects that contribute to sustainable development, innovation, and national logistics efficiency. (ANI)
