Cochin Shipyard Limited (CSL) has officially executed a Joint Venture Agreement with HBL Engineering Limited (HBL) on March 25, 2026. The JV, named ‘GREEN MARITIME PROPULSION PRIVATE LIMITED’, will focus on developing electric mobility and energy storage technologies for the maritime sector. The structure entails a 60:40 equity split favoring HBL, with an initial capital base of ₹9 crore. This collaboration aims to leverage core strengths for indigenous solutions in sustainable maritime technology.
Execution of Strategic Joint Venture Agreement
Following prior approval by its Board of Directors, Cochin Shipyard Limited (CSL) announced that it has executed a definitive Joint Venture Agreement with HBL Engineering Limited (HBL) on March 25, 2026. This strategic alliance is specifically targeted at developing cutting-edge electric mobility technology and energy storage solutions tailored for the maritime domain, serving both domestic and global requirements.
JV Structure and Capitalization
The proposed venture will be incorporated under the name ‘GREEN MARITIME PROPULSION PRIVATE LIMITED’, with its registered office situated in Hyderabad, India. The initial capital is set at ₹9 crore, divided into 90 lakh equity shares with a face value of ₹10 each.
Shareholding Pattern
The ownership structure is defined as follows:
- HBL Engineering Limited (HBL): 60% equity stake (subscribing ₹5.40 crore).
- Cochin Shipyard Limited (CSL): 40% equity stake (subscribing ₹3.60 crore).
Shares will be subscribed to by both parties at their face value.
Governance and Management Framework
The JV Company’s governance structure will be managed by a Board of Directors comprising five members. HBL is entitled to nominate three Directors, including the Managing Director (MD) or Chief Executive Officer (CEO). CSL is entitled to nominate two Directors, including the Chairman. The day-to-day management will be handled by the CEO, subject to the Board’s supervision.
Rationale and Expected Benefits
The primary rationale for this collaboration is to leverage the complementary core strengths of both CSL and HBL. This partnership is designed to foster the development of indigenous capabilities and products for the maritime sector, aligning with the Government of India’s vision of Aatmanirbhar Bharat. The collaboration is expected to capitalize on the rising global adoption of electric and hybrid propulsion systems in shipping.
Source: BSE
