Cochin Shipyard to form JV with Drydocks World Dubai for ship repair facility

Cochin Shipyard Limited (CSL) announced today, September 09, 2026, that its Board of Directors has approved a proposal to form a joint venture (JV) with Drydocks World Dubai – FZCO (DDW). The JV, to be named JVCo., will be a private limited company incorporated under the Companies Act, 2013, with its registered office in Kochi.

The primary purpose of JVCo. is to own, operate, and manage CSL's International Ship Repair Facility (ISRF) at Willingdon Island, Kochi. This facility will undertake dry-docking, maintenance, repair, and overhaul of commercial and naval vessels up to 130 meters in length and 6,000-tonne weight. The JV also plans to augment the ISRF's capacity by adding ten workstations.

The ISRF, developed on approximately 30 hectares at Willingdon Island and leased from Cochin Port Authority for 60 years, was constructed at a cost of ₹970 Crore. It features a 6,000-tonne capacity ship lift, six workstations, and 1,400 meters of berthing space, capable of handling up to six vessels simultaneously with an annual throughput of 82 ships. In FY2025-26, ISRF reported revenue of ₹207.33 Crore, representing 4.81% of CSL's total revenue. The ISRF's valuation, based on independent assessments, is ₹1,800 Crore, which is approximately 30.55% of CSL's net worth of ₹5,892.83 Crore as of March 31, 2026.

CSL and DDW will be equal partners, holding 50% stake each in JVCo. The JVCo. will be managed by a five-member Board of Directors, with DDW nominating three directors and CSL nominating two. The ISRF will be transferred to JVCo. on a slump sale basis for a consideration of not less than ₹1,800 Crore. CSL will receive 50% of this consideration in cash and the remaining 50% in shares of JVCo.

The rationale behind this JV is to leverage the complementary strengths of CSL and DDW to enhance ship repair services, adopt global best practices, and improve turnaround times. This initiative aligns with Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, supporting the 'Aatmanirbhar Bharat' initiative.

The proposal requires approvals from Cochin Port Authority, the Government of India (Ministry of Ports, Shipping and Waterways, and DIPAM), and CSL's shareholders. Definitive agreements, including the Joint Venture Agreement, Shareholders Agreement, Business Transfer Agreement, and License Agreement, have been finalized. The Joint Venture Agreement is proposed to be signed on September 11, 2026, with implementation expected before the end of the current financial year.

Drydocks World – Dubai FZCO (DDW) is a DP World company with over four decades of experience in marine and offshore services, undertaking more than 300 projects annually. DDW's facility in Dubai is the largest ship repair facility in the Middle East.