Kochi | The CSL on Thursday said that it has signed a joint venture agreement with a Hyderabad-based industrial battery manufacturer for development and commercialisation of electric mobility and energy storage technology for the maritime sector.

The Cochin Shipyard Ltd (CSL), in a statement, said that the agreement was signed on March 25 with HBL Engineering Ltd.

"The collaboration will focus on the development of advanced marine batteries, Battery Management Systems (BMS), electric motors, power electronics, and charging infrastructure," it said.

The joint venture aims to cater to both domestic and international markets and support the global transition towards sustainable and green maritime solutions, the statement said.

Referring to the deal, AJ Prasad, CMD (HBL), is quoted as having said that HBL was delighted that CSL took the "unprecedented initiative to expedite indigenisation of electric propulsion and allied systems for the maritime sector", by forming a joint venture with HBL.

"HBL's decades of work on specialised batteries and 10 years of work on motors, when combined with support and endorsement from CSL will increase the confidence of users to source indigenous systems," he said.