Cochin Shipyard Ltd (CSL) and Drydocks World Dubai, a DP World company, have signed a definitive agreement to form a 50:50 joint venture to operate and expand the International Ship Repair Facility (ISRF) at Willingdon Island in Kochi.
The agreement was signed on September 11 on the sidelines of the BRICS Summit in New Delhi. The partnership is expected to give a major boost to India’s ship-repair industry while strengthening Kochi’s position as a regional maritime services hub.
Under the deal, the ISRF will be transferred to the joint venture on a slump-sale basis for a consideration of at least ₹1,800 crore. CSL will receive half of the consideration in cash and the remaining amount through shares in the new joint venture. Both CSL and Drydocks World will hold an equal 50% stake.
The agreement was signed by Drydocks World CEO Captain Rado Antolovic and CSL Chairman and Managing Director Jose V J. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and UAE Assistant Foreign Minister for Advanced Science and Technology Omran Sharaf Alhashimi were also present.
The partnership brings together CSL’s established presence in India with Drydocks World’s international experience in ship repair, maintenance, vessel conversion and offshore engineering. The companies had earlier signed a memorandum of understanding in October 2025 to explore cooperation in developing a major ship-repair cluster in India.
The ISRF, which began commercial operations in August 2024, covers around 30 hectares at Willingdon Island. The facility was developed at an investment of around ₹970 crore and includes a 6,000-tonne ship lift and transfer system, six workstations and about 1,400 metres of berthing space.
The facility can handle up to six vessels at the same time and has an annual throughput capacity of up to 82 ships. It can accommodate vessels of up to 130 metres in length and weighing as much as 6,000 tonnes.
The joint venture plans to expand the facility by adding 10 more workstations. This will increase its capacity and allow it to take on more complex and higher-value repair jobs.
Kochi’s location is a major advantage for the project. The city lies close to busy international shipping routes connecting Europe, the Middle East and Asia. A larger ship-repair facility in the region could allow Indian and international shipping companies to access repair and maintenance services without sending vessels to distant overseas yards.
The development also comes at a time when India is seeking to build greater capacity across its maritime sector. A stronger domestic ship-repair network can reduce the need for Indian vessels to depend on foreign facilities, helping retain business within the country and supporting related engineering and marine-service industries.
CSL has already established itself as one of India’s leading shipbuilding and ship-repair companies. It has repaired more than 2,000 ships over the years and operates facilities in locations including Kochi, Mumbai, Kolkata and the Andaman and Nicobar Islands.
The ISRF generated revenue of ₹207.33 crore in the financial year 2025-26, accounting for about 4.81% of CSL’s revenue from operations. An independent valuation of the facility put its value at around ₹1,800 crore, equivalent to about 30.55% of CSL’s net worth as of March 31, 2026.
The joint venture structure will also give Drydocks World a significant operational role. The company will have the right to nominate three of the five directors on the joint venture board and nominate key senior management positions, including the CEO, CFO and COO where applicable. CSL will nominate the remaining two directors.
Drydocks World brings a global customer base and extensive experience in complex vessel repair and offshore engineering. Its involvement is expected to help the Kochi facility attract international vessels and move into higher-value segments of the ship-repair market.
The partnership is also expected to generate opportunities across marine engineering, fabrication, logistics, equipment supply and other supporting services. As repair capacity expands, the project could create demand for skilled workers and specialised maritime expertise.
The larger objective is to develop Kochi into a more competitive destination for ship repair and maritime services. India has a large coastline and a growing shipping industry, but a significant share of high-value ship-repair work is still carried out overseas.
The CSL-Drydocks World partnership aims to capture a larger share of that business by combining local infrastructure and expertise with international capabilities and customers.
The expansion of the ISRF could therefore become an important step in building India’s ship-repair ecosystem. It also fits into the country’s broader effort to strengthen maritime infrastructure, develop domestic capabilities and make Indian ports more competitive in global shipping.