Drydocks World, a DP World company, and Cochin Shipyard Limited (CSL) formally signed a Joint Venture Agreement to jointly own, operate and manage CSL’s International Ship Repair Facility (ISRF) at Willingdon Island, Kochi, marking a significant step in strengthening India’s ship repair capabilities.
The signing ceremony brought together senior leadership from both organisations, formalising a 50:50 partnership that will see the ISRF transferred to the new joint venture company on a slump sale basis as a going concern, valued at not less than Rs 1,800 crore. Cochin Shipyard will receive half the consideration in cash and the remaining half in shares of the new venture. Drydocks World will nominate three of the five directors on the joint venture’s board, along with key leadership roles including the CEO, CFO and COO, while Cochin Shipyard will nominate the remaining two directors.
The ISRF, developed over 30 hectares at Willingdon Island at a cost of Rs 970 crore, specialises in the dry-docking, maintenance, repair and overhaul of commercial and naval vessels up to 130 metres in length and 6,000 tonnes. The facility generated revenue of Rs 207.33 crore in FY26, contributing about 4.81% of Cochin Shipyard’s revenue from operations. The joint venture also plans to augment the facility’s capacity by adding ten new workstations.
The agreement builds on an Agreement of Heads of Terms signed between the two companies at India Maritime Week 2025 in Mumbai, under which Drydocks World and CSL had agreed to jointly develop India’s first ship repair cluster at the ISRF. With today’s signing, that intent moves into a formal, binding partnership structure.
The objective is to combine Cochin Shipyard’s shipbuilding and repair capabilities with Drydocks World’s international experience, advanced technologies and operating processes, expected to bring improved quality, greater efficiency, shorter turnaround times and the capacity to undertake more complex, high-value repair projects in India.
India’s ship repair and maintenance market is growing at 8-10% annually, but currently loses a significant share of potential repair business to foreign drydocks due to limited domestic facilities and longer turnaround times, a gap the Kochi cluster is intended to address as part of India’s Maritime India Vision 2030 agenda.
