Hindustan Shipyard Ltd was founded in 1941 in Visakhapatnam, India by Walchand Hirachand and Narottam Marojee. It began constructing its first two ships in 1942 based on UK designs. The first ship, Jala Usha, was launched in 1948 by Jawaharlal Nehru. In 1950, the government formed a joint venture with the company, acquiring a majority stake. It gradually increased ownership until fully acquiring the company in 1961. The shipyard expanded its facilities through the 1960s-1980s, delivering its first offshore oil rig in 1987. The company diversified into fabrication and other industrial activities.