Ø 50:50 JV to operate & expand the International
Ship Repair Facility (ISRF) in Cochin, strengthen India’s ship repair ecosystem,
serve growing regional & global demand
·
50:50
Joint Venture: Drydocks World and Cochin Shipyard
Limited have signed a Joint
Venture Agreement to operate and expand the International Ship Repair Facility
(ISRF), Kochi.
·
Agreement
signed at BRICS Summit: The agreement was
signed on the sidelines of the BRICS
Summit 2026 in New Delhi, in the presence of Union Minister Sarbananda Sonowal and
UAE Assistant Foreign Minister Omran
Sharaf Alhashimi.
·
Equal
ownership: Drydocks World and CSL will each hold a 50% stake in the JV,
with initial capital to be funded through equity contributions from both
companies.
·
First-of-its-kind
PPP: The partnership represents a public-private partnership model in
India’s ship-repair sector, combining CSL’s Indian capabilities
with Drydocks World’s international expertise.
·
Builds
on 2025 MoU: The JV formalises the collaboration
initiated through an MoU
signed during India Maritime Week 2025 covering ship repair and
allied maritime services.
·
ISRF
to be expanded: The JV will operate, consolidate and expand
the International Ship Repair Facility at Kochi, increasing its capacity to
service a wider range of vessels.
·
Global
maritime location: Kochi’s strategic location along major
international shipping routes gives the facility potential to attract Indian, regional and international
vessels.
·
Advanced
infrastructure: The ISRF has a state-of-the-art ship-lift system and
modern docking facilities capable of handling a wide range of
vessels.
·
Complementary
expertise:
o CSL:
Shipbuilding and repair capabilities, engineering expertise and skilled Indian
workforce.
o Drydocks World:
Global expertise in high-end vessel repair, maintenance, major conversions and
offshore EPC.
·
Kochi
to become maritime hub: The partnership is
expected to strengthen Kochi’s
position as a regional maritime services centre and create a
wider ship-repair cluster.
·
Employment
opportunities: The JV is expected to generate high-skilled employment
and opportunities in ship repair, engineering, fabrication and associated
maritime services.
·
Foreign
investment and forex: According to the Ministry of Ports,
Shipping and Waterways, the model could attract foreign investment and generate foreign exchange
by servicing international fleets in India.
·
Potential
for replication: The Government sees the Kochi JV as a replicable model for other locations
along India’s extensive coastline, creating additional
ship-repair and conversion hubs.
·
India-UAE
maritime cooperation: The partnership strengthens the
longstanding India-UAE
economic and maritime relationship, combining India’s growing
maritime capabilities with UAE global expertise.
·
Strategic
significance: The initiative supports India’s objective
of becoming a global
shipbuilding and ship-repair power and is aligned with Maritime India 2030 and Maritime Amrit
Kaal Vision 2047.
·
Global
competitiveness: The JV aims to introduce global best practices, faster vessel
turnaround, higher quality and safety standards, enhancing
India’s competitiveness in international ship repair.
The 50:50 Drydocks World–Cochin Shipyard
JV is intended to transform Kochi into a major international ship-repair hub
and establish a model that can be replicated along India’s coastline. It
combines CSL’s domestic
capabilities and workforce with UAE-based Drydocks World’s global technology
and expertise, while supporting India’s ambitions under Maritime India 2030 and Amrit Kaal 2047.
[ABS News Service/12.09.2026]
Drydocks World, a DP World company, and
Cochin Shipyard Limited (CSL) today announced the signing of a joint venture agreement
to operate and expand the International Ship Repair Facility (ISRF) Cochin.
The agreement was signed by Captain Rado
Antolovic, PhD, CEO, Drydocks World, and Mr. Jose V J, Chairman & Managing
Director of Cochin Shipyard Ltd., on the sidelines of the BRICS Summit 2026
in New Delhi, in the presence of Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways
(MoPSW), and H.E. Omran Sharaf Alhashimi, UAE Assistant
Foreign Minister for Advanced Science and Technology.
The agreement builds on the Memorandum of
Understanding (MoU) signed by Drydocks World (DDW) and CSL during India Maritime
Week 2025, under which the two organizations agreed to explore opportunities for
collaboration in ship repair and allied maritime services. The companies have now
formalised this collaboration through a 50:50 joint venture, marking the establishment
of a first-of-its-kind public-private partnership in India’s ship repair sector.
Under the arrangement, the joint venture
will operate, consolidate and expand the International Ship Repair Facility (ISRF)
in Cochin, creating additional capacity to service a wider range of vessels and
meet the growing requirements of Indian, regional and international customers.
The partnership is expected to strengthen
Cochin’s position as a maritime services hub, while creating opportunities across
ship repair, engineering, fabrication and associated 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.”
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 shipping routes, the facility features
a state-of-the-art ship lift system and modern docking facilities capable of servicing
a wide range of vessels.
Drydocks World and Cochin Shipyard Ltd.
will each hold a 50% stake, with initial capital funded through equity contributions
from both parties.