Cochin Shipyard and Drydocks World Establish 50:50 Ship Repair Joint Venture

Key facts

• On September 11, 2026, Cochin Shipyard Limited (CSL) and Drydocks World, a subsidiary of DP World, signed an agreement to establish a 50:50 joint venture to operate the International Ship Repair Facility (ISRF) at Cochin Shipyard.
• Cochin Shipyard will transfer the Willingdon Island ship repair facility to the joint venture as a going concern for at least ₹18 billion (approximately US$189 million), with half paid in cash and the rest in joint venture shares.
• The transaction is subject to approvals from the Cochin Port Authority, the Ministry of Ports, Shipping and Waterways, DIPAM, and CSL shareholders, with completion expected by March 2027.
• Drydocks World will lead operations and nominate key management personnel including the CEO, CFO, and COO.
• CSL invested about ₹9.7 billion to build the ISRF, completed in early 2024; the deal valuation is nearly double the construction cost.
• ISRF spans about 30 hectares with a 6,000-ton ship lift, six workstations, and about 1,400 meters of berthing, able to repair 6–7 vessels of 130 meters simultaneously with a maximum annual capacity of 82 vessels.
• In fiscal year 2025–26, ISRF repaired about 35 vessels and generated operating revenue of $21.8 million, about 4.8% of CSL's total operating revenue.
• The partnership began with a collaboration intent in April 2025 and a framework agreement in October 2025 to develop India's first ship repair cluster at ISRF.