India’s shipbuilding ambitions just got a powerful green upgrade. Cochin Shipyard Limited (CSL), the country’s premier public sector shipyard, announced that it signed a Joint Venture Agreement with Hyderabad-based HBL Engineering Limited to develop and commercialise electric mobility and energy storage technologies for the maritime sector.
This is a first-of-its-kind partnership that signals India’s seriousness about joining the global green shipping revolution.
The agreement, signed on March 25, 2026, brings together two very different but deeply complementary strengths: CSL's decades of experience in building warships, vessels and maritime infrastructure, and HBL Engineering's specialised expertise in advanced batteries and electric motors honed over more than four decades.
For more maritime and shipping news and views, visit: Maritime, Ahoy!
Together, they will develop marine batteries, Battery Management Systems (BMS), electric motors, power electronics, and charging infrastructure, essentially the full technology stack needed to power the next generation of electric and hybrid vessels.
The joint venture, to be incorporated as Green Maritime Propulsion Private Limited and headquartered in Hyderabad, will start with an initial capital of ₹9 crore. HBL Engineering will hold the majority 60 per cent stake, while CSL will hold the other 40 per cent.
The company will be run by a five-member board, with HBL nominating three directors, including the Managing Director, and CSL appointing two, including the Chairman.
Shipping regulators worldwide are tightening green compliance requirements, and India, with its massive coastline, busy ports and a growing naval fleet, cannot afford to be left behind.
Jose V.J., Director (Finance) and CMD (Additional Charge) of CSL, called the agreement a "watershed moment", stressing the need to indigenously develop state-of-the-art marine batteries to meet green shipping requirements.
A.J. Prasad, CMD of HBL, echoed the sentiment, noting that HBL’s electric motor expertise combined with CSL’s backing would give Indian shipping users the confidence to finally embrace homegrown systems over expensive imports.
