Drydocks World, a DP World company, and Cochin Shipyard Ltd (CSL) have formed a 50:50 joint venture to operate and expand the International Ship Repair Facility (ISRF) in Kochi, the two companies said in a joint statement on Friday.
Dubai-headquartered Drydocks World and will each hold a 50% stake in the joint venture, with initial capital funded through equity contributions from both parties. Financial details of the joint venture were not disclosed.
The joint venture will consolidate and expand the existing facility to service a wider range of vessels and meet the requirements of Indian, regional and international customers. The partnership will also create opportunities across ship repair, engineering, fabrication and allied maritime services in Kerala.
The agreement formalizes a partnership first outlined in a memorandum of understanding signed by the companies during India Maritime Week 2025 to explore collaboration in ship repair and allied services. The new venture marks the establishment of what the companies described as a first-of-its-kind public-private partnership in India’s ship-repair sector.
The partnership combines CSL’s established shipbuilding and repair capabilities, engineering expertise and skilled workforce with Drydocks World’s global experience in high-end vessel repair and maintenance, major conversions, and offshore engineering, procurement and construction (EPC).
Strategically located along major international routes, the ISRF features a state-of-the-art ship lift system and modern docking facilities capable of servicing a wide range of vessels.
“Anchored at the International Ship Repair Facility in Kochi, this partnership will catalyse a thriving repair cluster, attract international fleets, generate high-skilled employment, and advance the vision of Maritime India 2030 and Amrit Kaal 2047,” Jose V J, chairman and managing director, Cochin Shipyard, said in the statement.
Maritime push
The partnership is also intended to strengthen Kerala’s maritime-services ecosystem and India’s broader maritime competitiveness.
“This joint venture is a significant step in strengthening India’s ship repair ecosystem and a major opportunity for Kerala to emerge as a leading maritime services hub…the partnership will create new capacity, skills and economic opportunities for Kerala, while enhancing India’s maritime competitiveness,” Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said.
“It supports our vision under Maritime Amrit Kaal Vision 2047 to build a self-reliant and globally competitive maritime sector,” he added.
“By combining India’s growing maritime potential with the UAE’s global experience, collaborations such as this can support more efficient ship repair services, strengthen maritime connectivity and contribute to the continued growth of trade and commerce between our two countries,” said Oman Sharaf Alhashimi, assistant foreign minister for advanced science and technology, the United Arab Emirates.
The agreement was signed by Captain Rado Antolovic, chief executive, Drydocks World, and Jose V. on the sidelines of the Brics summit in New Delhi, in the presence of Sonowal and Alhashimi.