Cochin Shipyard, Drydocks World Form Joint Venture for Kochi Repair Facility

Cochin Shipyard Limited (CSL) and UAE-based Drydocks World, a subsidiary of DP World, have officially entered into a 50:50 joint venture to operate and expand the International Ship Repair Facility (ISRF) in Kochi. The agreement, valued at approximately 1,800 crore rupees, was signed on September 11, 2026, on the sidelines of the BRICS Summit in New Delhi. This partnership marks a significant shift in India's maritime sector, representing the first public-private partnership of its kind aimed at scaling domestic ship-repair capabilities to meet international standards.

The collaboration builds upon a Memorandum of Understanding signed during India Maritime Week 2025, which initially explored cooperation in ship repair and offshore fabrication. By formalizing this venture, the two companies intend to consolidate the existing ISRF infrastructure and significantly increase its capacity to service a broader range of commercial and naval vessels. The move is strategically aligned with India's long-term maritime development goals, specifically the Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047, which seek to position India as a global hub for maritime services.

The joint venture is structured as an equal partnership, with both CSL and Drydocks World holding a 50 per cent stake. According to company filings, the transaction involves Cochin Shipyard transferring the ISRF to the new entity on a slump-sale basis. The valuation of the facility is estimated at 1,800 crore rupees, with CSL set to receive half of this consideration in cash and the remaining half in the form of equity shares in the joint venture.

Operational control will lean toward the UAE-based partner, as Drydocks World has been granted the authority to nominate three of the five directors on the board. Furthermore, the partner will appoint key leadership roles, including the Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. Cochin Shipyard will nominate the remaining two directors, ensuring a collaborative oversight structure while leveraging the global technical expertise of the DP World subsidiary.

The International Ship Repair Facility, which began operations in August 2024, is located on Willingdon Island in Kochi. Spanning 30 acres, the facility currently features six workstations and approximately 1,400 meters of berthing space. It is designed to handle the dry-docking, maintenance, and overhaul of vessels up to 130 meters in length and 6,000 metric tonnes in weight. In the last fiscal year, the facility generated 207.33 crore rupees in revenue, accounting for roughly 4.81 per cent of CSL's total operational revenue.

The new joint venture plans to aggressively expand this footprint, with objectives that include adding 10 additional workstations to the existing infrastructure. By integrating Drydocks World's experience in high-end vessel conversions and offshore engineering with CSL's established domestic engineering capabilities, the partners aim to reduce vessel turnaround times and improve overall service quality. This expansion is intended to attract international fleets that currently utilize foreign repair facilities, thereby retaining more maritime-services expenditure within India.

Government officials have framed the partnership as a critical milestone for India's maritime ecosystem. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, who witnessed the signing alongside UAE Assistant Foreign Minister for Advanced Science and Technology Omran Sharaf Alhashimi, stated that the venture would strengthen India's ship-repair ecosystem and deepen bilateral maritime cooperation. The project is viewed as a potential model for similar developments along India's extensive coastline.

Vijay Kumar, Secretary of the Ministry of Ports, Shipping and Waterways, noted that the venture should not be limited to Kochi. He suggested that the model could be replicated at other strategic locations to create specialized hubs for ship repair and conversion. By leveraging India's proximity to major international shipping routes, the government aims to attract foreign investment, generate foreign exchange, and create high-skilled employment opportunities for the domestic workforce.

To support the operational expansion, the partners have also focused on human capital. The companies previously entered into a tripartite agreement with the Centre of Excellence in Maritime and Shipbuilding (CEMS), an entity promoted by the Indian Register of Shipping. This initiative aims to develop an industry-ready workforce by combining CEMS' simulation programs with CSL's physical facilities and expert mentoring from both Indian and Dubai-based professionals.

Looking ahead, the joint venture requires several regulatory and shareholder approvals, including clearance from the Cochin Port Authority, the Ministry of Ports, Shipping and Waterways, and the Department of Investment and Public Asset Management. Provided these approvals are secured, the partners expect the joint venture to become fully operational before the end of the 2026-27 fiscal year. The success of the venture will ultimately depend on the partners' ability to maintain competitive turnaround times and build a robust ecosystem of specialized suppliers.