Cochin Shipyard, HBL Launch ₹9-Crore Green Maritime Propulsion Venture

Kochi, June 11: State-run Cochin Shipyard Limited (CSL) and HBL Engineering Limited have incorporated a new joint venture company, Green Maritime Propulsion Private Limited, to develop electric mobility and energy storage solutions for the maritime sector.

The newly formed company was incorporated on June 11, 2026, with its registered office in Hyderabad, marking a major step towards building indigenous capabilities in sustainable marine technologies in line with the Government of India's Atmanirbhar Bharat vision.

The joint venture follows the agreement signed between the two companies on March 25, 2026. Green Maritime Propulsion Private Limited has been established with an initial equity capital of ₹9 crore, comprising 90 lakh equity shares with a face value of ₹10 each.

Under the shareholding structure, HBL Engineering holds a 60% stake through an investment of ₹5.40 crore, while Cochin Shipyard has invested ₹3.60 crore for a 40% stake.

The partnership aims to leverage the strengths of both companies to develop advanced electric propulsion and energy storage technologies for the maritime industry. The venture is expected to cater to both domestic and international markets as demand for electric and hybrid propulsion systems gains momentum worldwide.

CSL stated that the collaboration will help capitalize on emerging opportunities in sustainable shipping and support the transition towards cleaner maritime transportation.

Necessary approvals from the Ministry of Ports, Shipping and Waterways and the Department of Investment and Public Asset Management (DIPAM) have already been obtained for the venture.

With global focus increasingly shifting toward low-emission shipping technologies, the new company is expected to play a key role in strengthening India's position in the rapidly evolving green maritime ecosystem.