Cochin Shipyard Limited has entered into a joint venture agreement with HBL Engineering Limited to develop electric mobility technology and energy storage solutions for the maritime sector. The agreement, executed on March 25, 2026, formalises a proposal that was earlier approved by the company’s board in January.
The joint venture will operate under the name Green Maritime Propulsion Private Limited and will be based in Hyderabad, India. The initiative is focused on building solutions for both domestic and global markets, particularly in response to the increasing adoption of electric and hybrid propulsion systems in the maritime industry.
The new entity will be incorporated with an initial capital of Rs 9 crore, divided into 90 lakh equity shares of Rs 10 each. HBL Engineering will hold a 60% stake in the venture with an investment of Rs 5.40 crore, while Cochin Shipyard will hold the remaining 40% stake with an investment of Rs 3.60 crore. Both companies will subscribe to shares at face value.
In terms of governance, the joint venture will be managed by a five-member board. HBL Engineering will nominate three directors, including the Managing Director or Chief Executive Officer, while Cochin Shipyard will nominate two directors, including the Chairman. The day-to-day operations of the company will be handled by the Managing Director or CEO under the supervision of the board.
The collaboration is aimed at leveraging the complementary strengths of both companies to develop indigenous technologies for the maritime sector. It is also aligned with India’s broader push towards sustainable and self-reliant industrial growth, as well as the global shift toward cleaner energy solutions in shipping.
The companies have clarified that the transaction does not fall under related party dealings and that there is no promoter or group company interest involved. The disclosure has been made in compliance with SEBI’s Listing Obligations and Disclosure Requirements regulations.