Chowgule partners with LR to develop first-ever ESG report and strategy

(Posted on 07/01/25)

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.”