HBL Engineering Ltd. and Cochin Shipyard Limited Form a Joint Venture for Electric Mobility Technology

HBL Engineering Ltd. and Cochin Shipyard Limited have executed a Joint Venture Agreement to develop electric mobility technology and energy storage solutions in the maritime space. The JV Company, named 'GREEN MARITIME PROPULSION PRIVATE LIMITED', will be incorporated in Hyderabad, India, with an initial capital of Rs. 9 crore. HBL will hold 60% of the equity shares and CSL will hold 40% of the equity shares. The JV Company will be managed by a Board of Directors consisting of 5 directors, with HBL entitled to nominate three Directors and CSL entitled to nominate two Directors. This joint venture aims to leverage the complementary core strengths of both companies for developing indigenous capabilities and products for the maritime sector, catering to both domestic and global markets, in line with the Government of India’s vision of Aatmanirbhar Bharat.