HBL Engineering Limited has informed the Exchange about execution of the JV agreement with Cochin Shipyard Limited.
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HBL Engineering Limited has signed a joint venture agreement with Cochin Shipyard Limited (CSL) to form a new company called 'Green Maritime Propulsion Private Limited', based in Hyderabad. The JV will focus on developing electric mobility technology and energy storage solutions for the maritime sector, targeting both domestic and global markets. HBL will hold a 60% stake while CSL will hold 40%, with an initial capital of Rs. 9 crore (HBL contributing Rs. 5.40 crore and CSL Rs. 3.60 crore at face value). The JV will have a 5-member board, with HBL nominating 3 directors including the Managing Director/CEO, and CSL nominating 2 including the Chairman. The partnership is aimed at leveraging complementary strengths in line with the Government's Aatmanirbhar Bharat vision.
This is a positive strategic move for HBL shareholders, giving the company a foothold in the emerging electric and hybrid maritime propulsion space through a partnership with a marquee PSU shipbuilder. While the initial capital outlay is modest (Rs. 9 crore), the JV opens up a new growth vertical aligned with global sustainability trends and India's self-reliance push, with potential for longer-term value creation.