Cochin Shipyard Limited (CSL) and DP World’s Drydocks World are set to form a 50:50 joint venture to operate and expand the Indian shipbuilder’s International Ship Repair Facility (ISRF) in Kochi.
CSL’s board approved the joint venture on 9 September, with the partners planning to sign the joint venture agreement on 11 September. The transaction remains subject to approvals from Cochin Port Authority, the Indian government and CSL shareholders, and is targeted for completion before the end of the current financial year.
Under the proposal, CSL will transfer the ISRF at Willingdon Island to the new company as a going concern for at least INR18bn ($200m). CSL will receive half of the consideration in cash and the remainder as shares in the joint venture.
Although ownership of the company will be divided equally, Drydocks World will nominate three of its five directors and will also have the right to nominate senior management including the CEO, CFO and COO. CSL will nominate the remaining two directors.
The JV will own, operate and manage the ISRF for the drydocking, maintenance, repair and overhaul of commercial and naval vessels up to 130 metres in length and 6,000 tonnes in weight.
The partners also plan a significant expansion of the facility through the addition of 10 workstations to its existing six. ISRF also has a 6,000-tonne ship lift and transfer system and around 1,400 metres of berthing space, allowing it to handle six ships simultaneously. CSL claims its annual repair capacity is up to 82 vessels.
Built for INR9.7bn on around 30 ha of land and water leased from Cochin Port Authority, ISRF entered commercial operation in August 2024. It generated revenue of INR2.07bn in the 2025-26 financial year, equivalent to 4.81% of CSL’s revenue from operations.
The deal takes forward a broader partnership between CSL and Drydocks World first formalised through an MoU in April 2025. That agreement envisaged the development of ship repair clusters at Kochi and Vadinar in Gujarat, as well as potential co-operation in offshore fabrication, marine engineering and other infrastructure projects.
Following a visit by Drydocks World management to CSL in May 2025, the companies identified joint work at the Kochi ISRF as the first step in the collaboration, with the potential to expand their partnership elsewhere in India.
CSL said the joint venture would combine its domestic position with Drydocks World’s international ship repair experience, bringing new technology and operating practices into the Indian market and improving repair quality and turnaround times.
The partnership forms part of India’s wider push to increase domestic ship repair capacity and capture a larger share of maintenance and repair work from vessels trading through the region.
CSL has signed a series of agreements with international shipyards to support the development of its shipbuilding industry, including with HD Hyundai and HD Korea Shipbuilding & Offshore Engineering.
CSL said the project was aligned with the government’s Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.