Cochin Shipyard Limited (CSL) has entered into a joint venture agreement with HBL Engineering Limited to develop and commercialise electric mobility and energy storage technologies for the maritime sector. The agreement, signed on March 25, 2026, marks a significant step in India’s transition towards sustainable and green shipping solutions.
The partnership combines CSL’s years of experience in shipbuilding and maritime infrastructure with HBL’s decades of experience in advanced batteries and electric motors. The companies want to work together to create a full technology stack for electric and hybrid ships of the next generation.
Scope of Collaboration and Technology Focus
The joint venture will focus on the development of key systems essential for maritime electrification, including:
- Advanced marine batteries
- Battery Management Systems (BMS)
- Electric propulsion motors
- Power electronics
- Charging infrastructure
The goal of the initiative is to serve both domestic and international markets while also helping the world move toward maritime operations with fewer emissions.
New Entity Structure and Investment Details
The joint venture will be incorporated as Green Maritime Propulsion Private Limited and headquartered in Hyderabad. It will begin with an initial capital investment of ₹9 crore.
- HBL Engineering will hold a 60% stake
- Cochin Shipyard Limited will hold a 40% stake
- The company will be governed by a five-member board
- HBL will nominate three directors, including the Managing Director
- CSL will appoint two directors, including the Chairman
Leadership Views on Strategic Importance
Jose V.J., Director (Finance) and CMD (Additional Charge) of CSL, described the agreement as a “watershed moment,” highlighting its importance in advancing the company’s green maritime ecosystem. He emphasised that collaborations with domestic technology providers are essential to indigenously develop advanced marine batteries and related systems, supporting compliance with evolving green shipping requirements.
A.J. Prasad, CMD of HBL, noted that CSL’s initiative accelerates the indigenisation of electric propulsion systems in the maritime sector. He added that HBL’s extensive experience in specialised batteries and electric motors, combined with CSL’s support, would enhance confidence among users to adopt indigenous solutions over imports.
Boost to India’s Green Shipping Ambitions
The partnership comes at a time when shipping regulators around the world are making rules about how to protect the environment stricter. India is getting ready to use cleaner and more efficient technologies because it has a long coastline and more ships are coming to its ports.
The initiative underscores a strong commitment to innovation, sustainability, and self-reliance in India’s maritime sector.
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