Cochin Shipyard Ltd (CSL) plans to form a joint venture with HBL Engineering Ltd to develop electric mobility technology and energy storage solutions for the maritime sector, targeting both domestic and global markets.
The proposed entity, Green Maritime Propulsion Pvt Ltd, will focus on building indigenous capabilities in sustainable propulsion systems aligned with evolving industry requirements.
JV structure and governance
CSL will hold a 40% stake in the joint venture, while HBL Engineering will own the remaining 60%, with an initial capital of ₹9 crore.
The company will be governed by a five-member board, including three directors from HBL, along with the Managing Director, and two from CSL, including the Chairman. HBL will also have the option to nominate a Chief Executive Officer in place of a Managing Director for overseeing day-to-day operations.
Strategic collaboration
The joint venture aims to leverage the complementary strengths of CSL and HBL to develop indigenous products and technologies for the maritime sector.
The initiative aligns with the Centre’s vision of Aatmanirbhar Bharat, with a focus on reducing dependence on imports and enhancing domestic manufacturing capabilities.
Tapping emerging opportunities
The collaboration is expected to enable both companies to capitalise on opportunities arising from the growing adoption of electric and hybrid propulsion systems in maritime applications.
This is particularly relevant in the context of increasing global focus on sustainable and green maritime technologies, the companies said.