NEW DELHI, April 18 -- Sagarmala Finance Corp., India's first maritime-focused non-banking financial company, plans to raise as much as Rs.10,000 crore ($1.08 billion) in financial year 2027 to expand lending for ports, shipbuilding, and waterways, a top executive said. The state-owned company will raise the money through bonds, term loans and foreign-currency borrowings, managing director L.V.S. Sudhakar Babu said in an interview with Reuters on Thursday, adding that the firm will tap the bond market for the first time in June this year. Sagarmala, established in 2016 under the Ministry of Ports, Shipping and Waterways, received a non-banking finance company (NBFC) license in June 2025. It also administers the government's Rs.25,000 crore Maritime Development Fund, which includes a Rs.5000 crore Interest Incentivisation Fund that would allow it to provide interest subsidies to borrowers. The company aims to disburse 80 billion rupees to 90 billion rupees in loans in the year ending March 2027 and has already sanctioned Rs.3700 crore for two greenfield ports in Andhra Pradesh, taking the total sanctions to 111 billion rupees so far, Babu said. Sagarmala is also seeking a Rs.2,000 crore equity infusion from the government to maintain a healthy debt-to-equity ratio as it grows its loan book. "As per industry standards, we can leverage up to seven to eight times our capital base," Babu said. "In the event the proposed equity infusion takes some time, we may consider raising funds through perpetual bonds later in the year." The company has received a credit rating of AA+ from rating agencies Care and India Ratings....