HBL Engineering announces a proposed joint venture with Cochin Shipyard Limited (CSL) to develop electric mobility technology and energy storage solutions for the marine sector. HBL will hold a 60% stake, while CSL will hold 40%. This collaboration aims to leverage both companies’ strengths, supporting indigenous capabilities and targeting both domestic and global markets. The joint venture’s objective is to cater to the growing demand for sustainable marine technologies.
Joint Venture Announcement
HBL Engineering Limited and Cochin Shipyard Limited (CSL) are planning to establish a joint venture. The partnership aims to focus on developing electric mobility technology and energy storage solutions within the marine sector.
JV Structure and Ownership
The proposed shareholding structure of the joint venture will be:
- HBL: 60%
- CSL: 40%
Strategic Objectives
The primary goal of this collaboration is to develop electric mobility technology and energy storage solutions for the marine space, serving both domestic and global markets. This initiative is in line with the vision of Aatmanirbhar Bharat and seeks to leverage the complementary strengths of both companies.
Expected Benefits
The joint venture is expected to enable both CSL and HBL to capitalize on opportunities arising from the increasing adoption of electric and hybrid propulsion systems in the marine sector. Specifically, it will focus on emerging trends in sustainable marine technologies in India and worldwide.
Financial Details
Consideration for subscription of share capital will be finalized upon signing the definitive agreement. The authorized share capital of the joint venture will be finalized in due course.
Rationale
The venture seeks to leverage the core strengths of both Cochin Shipyard Limited and HBL to develop indigenous capabilities and products for the marine sector. The collaboration supports the Government of India’s vision of Aatmanirbhar Bharat.
Source: BSE
