Cochin Shipyard Limited Forms Joint Venture for Electric Mobility Technology
Cochin Shipyard Limited (CSL) has executed a Joint Venture Agreement with HBL Engineering Limited (HBL) to develop electric mobility technology and energy storage solutions for the maritime space, according to a filing on March 25, 2026.The Joint Venture Company, named 'GREEN MARITIME PROPULSION PRIVATE LIMITED,' will be incorporated in Hyderabad, India, with an initial capital of Rs. 9 crore. CSL will hold a 40% stake, subscribing to 36 lakh equity shares at Rs. 3.60 crore, while HBL will hold a 60% stake, subscribing to 54 lakh equity shares at Rs. 5.40 crore. Shares will be subscribed at face value of Rs. 10 each.
The board of directors will consist of five members, with HBL nominating three, including a potential Chief Executive Officer responsible for day-to-day operations, and CSL nominating two, including the Chairman. The venture aims to cater to both domestic and global markets.
The collaboration intends to leverage the strengths of both companies and capitalize on the increasing adoption of electric and hybrid propulsion systems within India's maritime sector, aligning with the government's Aatmanirbhar Bharat vision.
Below is a table summarizing the key details of the agreement:
| Particulars | Disclosure |
|---|---|
| Name of the entity(ies) | HBL Engineering Limited (CIN: L40109TG1986PLC006745) |
| Area of agreement | Developing electric mobility technology and energy storage solutions in the maritime space |
| Domestic/International | Domestic |
| Share exchange ratio | HBL: 60%, CSL: 40% |
| Scope of business operation | Develop electric mobility technology and energy storage solutions for domestic and global maritime markets |
| Significant terms and conditions | CSL and HBL have executed a Joint Venture Agreement for forming a Joint Venture Company named ‘GREEN MARITIME PROPULSION PRIVATE LIMITED’ with an initial capital of Rs. 9 crore. |
| Related party transaction | No |
| Rationale and benefit expected | To develop indigenous capabilities and products for the maritime sector, catering to both domestic and global markets, in line with the Government of India's vision of Aatmanirbhar Bharat. |
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