Cochin Shipyard has entered into a 50:50 joint venture with Drydocks World, a DP World company, to operate and expand the International Ship Repair Facility (ISRF) in Cochin. The partnership aims to strengthen India’s ship repair ecosystem and address rising demand from Indian, regional and international customers.
The joint venture agreement was signed during the BRICS Summit 2026 in New Delhi. Captain Rado Antolovic, PhD, CEO of Drydocks World, and Jose V J, Chairman and Managing Director of Cochin Shipyard Ltd., signed the agreement.
The signing took place in the presence of Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways, and H.E. Omran Sharaf Alhashimi, UAE Assistant Foreign Minister for Advanced Science and Technology.
Cochin Shipyard and Drydocks World Create 50:50 Joint Venture
The partnership builds on the MoU signed by Drydocks World and CSL during India Maritime Week 2025. The earlier agreement focused on exploring collaboration in ship repair and related maritime services.
The two companies have now formalised the partnership through a 50:50 joint venture. The arrangement marks a first-of-its-kind public-private partnership in India’s ship repair sector.
Under the agreement, the joint venture will operate, consolidate and expand the International Ship Repair Facility in Cochin.
The expansion will create additional capacity at the facility. It will also allow the JV to service a wider range of vessels and meet growing demand from domestic and international customers.
Cochin Shipyard to Strengthen Maritime Services in Kerala
The partnership is expected to strengthen Cochin’s position as a maritime services hub. It could also create opportunities across ship repair, engineering, fabrication and related maritime services in Kerala.
Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways, said: “The partnership between Cochin Shipyard and Drydocks World marks an important milestone in strengthening India’s ship repair ecosystem and reflects the enduring maritime relationship between India and the UAE, which has flourished through centuries of trade, commerce and people-to-people ties. The shared vision and resolve of Prime Minister Narendra Modi and His Highness Sheikh Mohamed bin Zayed Al Nahyan are giving a new momentum to this relationship across strategic and economic sectors. By combining India’s growing shipbuilding and ship repair capabilities with the UAE’s global maritime expertise, this joint venture will create new capacity, skills and economic opportunities, while strengthening Cochin as a maritime services hub. Under the dynamic leadership of Prime Minister Narendra Modi, India is firmly on course to emerge as one of the world’s leading maritime nations, and this partnership is another step towards realising that ambition under Maritime Amrit Kaal Vision 2047.”
His Excellency Omran Sharaf Alhashimi, Assistant Foreign Minister for Advanced Science and Technology, UAE, said, “The UAE and India share a longstanding relationship rooted in mutual trust, economic cooperation and a common ambition to create new pathways for growth. The joint venture between Drydocks World and Cochin Shipyard is a strong example of how this partnership can translate into tangible industrial outcomes, bringing together complementary expertise to strengthen India’s maritime capabilities. 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.”
Vijay Kumar, Secretary, Ministry of Ports, Shipping & Waterways said, “This Joint Venture shall not be limited to Kochi. It is a replicable model that can be extended across India’s extensive coastline, creating hubs of excellence in ship repair and conversion. By leveraging India’s strategic location and proximity to global trade routes, the JV will attract foreign investments, generate foreign exchange, and create thousands of skilled jobs. It will also align with the Maritime Amrit Kaal Vision 2047, positioning India as a global powerhouse in ship building and ship repair. The signing of this Joint Venture Agreement is more than a business agreement, it is a statement of intent. It signals India’s readiness to compete globally, deliver world-class maritime services, and forge partnerships that strengthen our economy and strategic capabilities.”
Captain Rado Antolovic, PhD, CEO, Drydocks World, said: “This partnership with Cochin Shipyard is an important milestone for India’s ship repair industry and builds on the strong foundation of our MoU last year. By combining Cochin Shipyard’s local expertise and skilled workforce with Drydocks World’s global capabilities and technology, we are creating a world-class ship repair offering. Our ambition goes beyond one facility – we see opportunities to expand ship repair and fabrication capabilities across India.”
Jose V J, Chairman and Managing Director, Cochin Shipyard Ltd., said: “This joint venture with Drydocks World Dubai marks a defining moment in India’s journey to become a global ship repair hub. By combining CSL’s deep domestic experience with DDW’s world-class expertise, we are not just scaling up business – we are onboarding global best practices, accelerating turnaround times, and setting new benchmarks for quality and safety. 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.”
Cochin Shipyard and Drydocks World Combine Global Expertise
The joint venture brings together the complementary capabilities of both companies.
Cochin Shipyard contributes its established shipbuilding and repair capabilities, engineering expertise and skilled workforce. Drydocks World brings global experience in high-end vessel repair and maintenance, major conversions, and offshore engineering, procurement and construction (EPC).
The ISRF is strategically located along major international shipping routes. It has a state-of-the-art ship lift system and modern docking facilities.
These capabilities enable the facility to service a wide range of vessels and support the growing requirements of the regional and global maritime industry.
50:50 Ownership Structure
Drydocks World and Cochin Shipyard Ltd. will each hold a 50% stake in the joint venture.
The initial capital for the venture will be funded through equity contributions from both partners.
The partnership is expected to expand ship repair capacity in India while supporting investment, employment and the development of related maritime services.
Source: PIB
