Cochin Shipyard, HBL Engineering incorporate JV for green maritime technologies

New Delhi: State-run shipbuilder Cochin Shipyard Limited (CSL) and HBL Engineering Limited have incorporated a joint venture company, Green Maritime Propulsion Private Limited, to develop electric mobility and energy storage solutions for the maritime sector.

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The joint venture company was incorporated on June 11, following the joint venture agreement signed by the two companies in March this year. The company has been established in Hyderabad, Telangana, and will focus on developing indigenous technologies and products for electric and hybrid propulsion systems in the maritime industry.

The newly incorporated company has an initial share capital of Rs 9 crore, divided into 90 lakh equity shares of face value Rs 10 each. Cochin Shipyard has subscribed to 36 lakh equity shares worth Rs 3.6 crore, representing a 40 percent stake in the venture, while HBL Engineering has subscribed to 54 lakh equity shares worth Rs 5.4 crore, giving it a 60 percent stake.

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According to the Cochin Shipyard Ltd's regulatory filing the stock exchanges, the joint venture aims to combine the strengths of both partners to develop electric mobility and energy storage technologies for domestic and international markets. The initiative is aligned with the Government's Aatmanirbhar Bharat vision and is expected to support the growing adoption of electric and hybrid propulsion systems in the maritime sector.

The venture will operate in the field of maritime electric mobility and energy storage technology, a segment that is gaining importance globally as the shipping industry moves towards cleaner and more sustainable solutions.

Cochin Shipyard said it has obtained the necessary approvals from the Ministry of Ports, Shipping and Waterways and the Department of Investment and Public Asset Management (DIPAM) for participation in the joint venture.

The incorporation of Green Maritime Propulsion Private Limited marks a strategic step by Cochin Shipyard to expand its presence in emerging green maritime technologies and strengthen India's capabilities in sustainable marine transportation.

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