BEML & Sagarmala Finance to Boost Maritime Manufacturing

New Delhi, Dec 5 (PTI) Defence PSU BEML Ltd on Friday said it has entered into a strategic pact with Sagarmala Finance Corporation Limited (SMFCL) to boost financial support for the country's maritime manufacturing sector.

The development is significant as it seeks to unlock dedicated funding avenues to strengthen manufacturing capabilities within the maritime industry, aligning with the Centre's vision of enhancing indigenous production and reducing dependence on imports.

SMFCL, formerly known as Sagarmala Development Company Limited, is the country's first maritime sector-specific non-banking financial company.

In a filing to BSE, the PSU said that "BEML Ltd has signed a strategic MoU (memorandum of understanding) with Sagarmala Finance Corporation Ltd to unlock dedicated financial support for India's domestic maritime manufacturing ecosystem."

In a separate filing the defence PSU said it has signed a tripartite MoU with HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Samho Heavy Industries to collaboratively design, develop, manufacture, and provide support for next-generation conventional and autonomous maritime and port cranes in the country.

The partnership will also include comprehensive after-sales service, spare parts supply, and training support.

BEML Ltd operates under three major business verticals: defence and aerospace, mining and construction and rail and metro.