Chowgule & Co. partners with Lloyd’s Register to develop first-ever ESG report and strategy

Chowgule & Co. partners with Lloyd’s Register to develop first-ever ESG report and strategy

This collaboration demonstrates the company’s commitment to sustainable and responsible business practices.

Chowgule & Co., a leading shipbuilding and engineering conglomerate in India, is partnering with Lloyd’s Register (LR) to develop its first Environmental, Social, and Governance (ESG) report and wider group ESG strategy.

Scheduled for release this month, the report will leverage 2023 operational data across Chowgule’s four Indian shipyards (three owned and one leased) as well as its EPC division.

The report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards, providing a transparent and credible framework for measuring and communicating the company’s sustainability performance. The report also incorporates the Sustainability Accounting Standards Board (SASB) standards specifically tailored for marine transportation and industrial machinery and goods industries.

This inaugural report highlights the results of a comprehensive materiality assessment conducted by LR, involving both internal and external stakeholders. This process identified the most significant ESG issues for Chowgule & Co., helping ensure that the report addresses the concerns and expectations of its stakeholders.

Building upon the report’s recommendations, the company aims to fully integrate ESG considerations into its overall business strategy and decision-making processes. This will allow Chowgule & Co. to strengthen stakeholder engagement and collaboration, set ambitious ESG targets and track future progress, and embrace emerging technologies and best practices to enhance its environmental and social impact.

Ambrish Bansal, Senior VP and Global lead Management Consulting at Lloyd’s Register, said: “Chowgule’s first ever ESG report and strategy underscores its forward-thinking approach to sustainability. By integrating ESG principles, the company is not only enhancing its operational resilience but also setting a benchmark for the maritime industry. 

“LR is committed to supporting businesses in their transition towards a more sustainable future. Our team of experts brings a wealth of knowledge and experience to this collaboration, ensuring the development of a robust and effective ESG programme for the company.

“By collaborating with key players like Chowgule & Co., LR is helping to driving positive change in the maritime industry.”

Arjun Chowgule, Executive Director, Chowgule & Co., said: “Sustainability is at the core of our vision. Through this collaboration with Lloyd’s Register, we aim to amplify our positive environmental and social impact while reinforcing our governance framework. 

“This initiative aligns with global sustainability trends, ensuring compliance with evolving regulations and reinforcing Chowgule’s dedication to reducing environmental impact, promoting community well-being, and maintaining ethical business practices.”

About Lloyd’s Register

Trusted maritime advisers, partnering with clients to drive performance across the ocean economy.

Lloyd’s Register (LR) is a global professional services group specialising in marine engineering and technology. With a heritage going back more than 260 years to the establishment of the world’s first marine classification society, LR is dedicated to setting and improving standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advice, support and solutions on fleet performance, fleet optimisation and voyage optimisation, enhancing our clients’ digital capabilities. Our digital solutions are relied upon by more than 20,000 vessels.

In the race to zero emissions, our research, technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education. 

Find out more lr.org.

About Chowgule Shipyards 

Chowgule Shipyards operates 4 shipyards on the western coast of India in the states of Goa and Karnataka. The business has built a strong track record with the European market – with 37 vessels delivered and 32 more on order presently. These numbers make Chowgule Shipyards the largest exporters of vessels from India.

The Goa facilities are presently building a series of vessels comprising of 5400 DWT Ice Class 1A general cargo carriers with hybrid propulsion and 5600 DWT Ice Class general cargo carriers with diesel electric. Additionally, a new facility is being developed for the production of aluminium vessels – with the construction of the Indian Coast Guard’s Air Cushioned Vessel project being the first project of its kind in India.

The vision to develop the business continues with the acquisition and development of the Mangaluru Shipyard. The new shipyard will cater to vessels of up to 14,000 DWT in Phase I along with specialised vessels such as tugs, dredgers and product carriers. The shipyard has been made operational within one year of acquisition and has orders for two series of 8,500 DWT general cargo carriers with diesel electric system and 10,700 DWT multipurpose geared vessels with hybrid propulsion systems.

The EPC business commenced in 2021 and has built a reputation as a reliable builder of offshore platforms, rig repairs and offshore energy service engineering.