Drydocks World, a DP World company, and Cochin Shipyard Ltd (CSL) have entered into a 50:50 joint venture to operate and expand the International Ship Repair Facility (ISRF) at Kochi, the two companies said in a joint statement on Friday.
Drydocks World and Dubai-headquartered CSL will each own 50% of the joint venture, with the initial capital to be funded by 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 needs of Indian, regional and international clients. The partnership will also create opportunities for ship repair, design, manufacturing and related 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 the field of ship repair and related maritime services. The new venture marks the creation of what the companies call the first public-private partnership of its kind in the Indian ship repair sector.
The partnership combines CSL’s established shipbuilding and repair capabilities, engineering expertise and skilled workforce with Drydocks World’s global expertise in high-end ship repair and maintenance, major conversions, and offshore engineering, procurement and construction (EPC).
Strategically located along major international shipping routes, ISRF has a modern ship lift system and modern docks capable of handling a wide range of vessels.
“This partnership, anchored at the International Ship Repair Yard, Kochi, will be a catalyst for developing a thriving repair cluster, attracting an international fleet, creating highly skilled jobs and advancing the vision of Maritime India 2030 and Amrit Kaal 2047,” Jose VJ, Chairman and Managing Director, Cochin Shipyard said in a statement.
Sea push
The partnership also aims to strengthen Kerala’s maritime services ecosystem and India’s broader maritime competitiveness.
“This joint venture is an important step in strengthening India’s ship repair ecosystem and provides a major opportunity for Kerala to become a leading maritime services hub… the partnership will create new capacity, skills and economic opportunities for Kerala while enhancing the competitiveness of India’s maritime industry,” said India’s Minister of Ports, Shipping and Waterways Sarbananda Sonowal.
“This supports our vision under Maritime Amrit Kaal Vision 2047 to create a self-sufficient and globally competitive maritime sector,” he added.
“By combining India’s growing maritime capabilities with the UAE’s global expertise, such collaboration can support more efficient ship repair services, strengthen maritime connectivity and facilitate further growth in trade and commerce between our two countries,” said Oman Sharaf Alhashimi, United Arab Emirates Assistant Foreign Minister for Advanced Science and Technology.
The agreement was signed by Captain Rado Antolovic, CEO of Drydocks World, and Jose V. on the sidelines of the BRICS summit in New Delhi, in the presence of Sonowal and Alhashimi.