HBL Engineering Limited announced the execution of a Joint Venture Agreement with Cochin Shipyard Limited (CSL) on March 25, 2026. The JV, named ‘GREEN MARITIME PROPULSION PRIVATE LIMITED,’ aims to develop electric mobility and energy storage solutions for the maritime sector. HBL will hold a 60% equity stake in the new entity, contributing ₹5.40 crore towards the initial capital, leveraging both companies’ core strengths for sustainable maritime technology.
Formation of Strategic Joint Venture
HBL Engineering Limited (HBL) confirmed the formal execution of a Joint Venture Agreement with Cochin Shipyard Limited (CSL) on March 25, 2026. This collaboration follows a prior board approval intimated on February 07, 2026. The primary purpose of the JV is the development of electric mobility technology and energy storage solutions specifically tailored for the maritime space, targeting both domestic and global markets.
Equity Structure and Investment Details
The Joint Venture Company will be incorporated under the name ‘GREEN MARITIME PROPULSION PRIVATE LIMITED’ and will have its registered office in Hyderabad, India. The initial authorized capital is set at ₹9 crore, divided into 90 lakh equity shares of ₹10 face value each. The shareholding pattern is structured as follows:
- HBL: 60% (subscribing to 54 lakh shares for ₹5.40 crore)
- CSL: 40% (subscribing to 36 lakh shares for ₹3.60 crore)
Crucially, both parties will subscribe to their respective shares at face value.
Governance and Management
The JV Company’s Board of Directors will consist of five members. HBL is entitled to nominate three Directors, including the Managing Director (MD). CSL will nominate two Directors, including the Chairman. Furthermore, HBL retains the right to nominate a Chief Executive Officer (CEO) in lieu of an MD to oversee day-to-day management, subject to the Board’s control.
Strategic Rationale and Expected Benefits
The collaboration is strategically designed to leverage the complementary core strengths of both CSL and HBL. The aim is to develop indigenous capabilities and products for the maritime sector, aligning with the Government of India’s vision of Aatmanirbhar Bharat. The partnership is expected to capitalize on the growing adoption of electric and hybrid propulsion systems globally, particularly in the context of emerging trends in sustainable maritime technologies.
The agreement confirmed that this arrangement does not fall within related party transactions, and neither the promoter nor any group companies have any existing interest in the entity being acquired, ensuring the transaction is conducted at “arm’s length”.
Source: BSE
