New Delhi: In a key development in the maritime finance sector, the Public Enterprises Selection Board (PESB) has recommended Lagadapati Venkata Srinivasa Sudhakar Babu for the position of Managing Director (MD) of Sagarmala Finance Corporation Limited (SFCL), a Schedule ‘B’ Central Public Sector Enterprise under the Ministry of Ports, Shipping and Waterways.
The recommendation was made following PESB Meeting No. 70/2025, held on August 13, 2025, in New Delhi.
Selection Process and Competition
The selection was conducted through a competitive interview process, where 10 senior candidates from various top-tier PSUs and infrastructure companies were considered for the prestigious role. Babu, who currently serves as Executive Director at Housing and Urban Development Corporation Limited (HUDCO), emerged as the panel’s top choice.
Other contenders for the post included senior executives from:
- REC Limited
- RITES Limited
- Bridge and Roof Company (India) Limited
- Engineers India Limited
- Kochi Salem Pipeline Pvt Ltd
- Coal India Limited
- Rail Vikas Nigam Limited
- Inland Waterways Authority of India (IWAI)
About Sagarmala Finance Corporation
Sagarmala Finance Corporation Limited plays a critical role in financing projects under the Sagarmala Programme, a flagship initiative of the Government of India aimed at modernising India’s port infrastructure, improving logistics efficiency, and fostering port-led industrial development.
As MD, Babu will be at the helm of steering SFCL’s strategy and project financing across key maritime and logistics infrastructure sectors.
Next Steps: ACC Approval
The PESB recommendation will now be forwarded to the Appointments Committee of the Cabinet (ACC) for final approval. Upon clearance, Babu will formally assume charge as the Managing Director of SFCL.
About HUDCO
Housing and Urban Development Corporation Ltd. (HUDCO) is a Government of India-owned public sector enterprise under the Ministry of Housing and Urban Affairs (MoHUA). Established in 1970, HUDCO primarily focuses on financing housing and urban infrastructure development projects across India.
About SMFCL
Sagarmala Finance Corporation Limited (SMFCL) has been established as India’s first maritime sector-specific Non-Banking Financial Company (NBFC) aimed at strengthening financial access across India’s maritime ecosystem.
