HBL Engineering Ltd. Enters Joint Venture for Maritime Technology Development
HBL Engineering Limited (HBL) has executed a Joint Venture Agreement with Cochin Shipyard Limited (CSL) to develop electric mobility technology and energy storage solutions for the maritime space. The announcement follows prior board approval on February 7, 2026.The newly formed Joint Venture Company, named "GREEN MARITIME PROPULSION PRIVATE LIMITED," will be incorporated in Hyderabad, India, with an initial capital of Rs. 9 crore. HBL will hold a 60% stake, contributing Rs. 5.40 crore, while CSL will own 40%, investing Rs. 3.60 crore. Shares will be issued at face value of Rs. 10 each.
The Joint Venture Company will focus on developing electric mobility technology and energy storage solutions for the maritime sector, targeting both domestic and global markets. The Board of Directors will consist of five members, with HBL nominating three, including a potential Managing Director or Chief Executive Officer responsible for daily operations.
CSL’s CIN is L63032KL1972G0I002414. The venture is intended to leverage the strengths of both companies, aligning with the Indian government's Aatmanirbhar Bharat initiative and capitalizing on emerging trends in sustainable maritime technologies.
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