New Delhi: Cochin Shipyard Limited (CSL) and Drydocks World, a DP World company, have signed a 50:50 joint venture agreement to operate, consolidate and expand the International Ship Repair Facility (ISRF) in Kochi, Kerala, strengthening India’s capacity to cater to growing domestic and international ship-repair demand.
The agreement was signed by Drydocks World CEO Captain Rado Antolovic and CSL Chairman and Managing Director Jose V J on the sidelines of the BRICS Summit 2026 in New Delhi.
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and UAE Assistant Foreign Minister for Advanced Science and Technology Omran Sharaf Alhashimi were present at the signing.
50:50 Partnership to Expand Ship Repair Capacity
The joint venture formalises the collaboration between CSL and Drydocks World that began with an MoU signed during India Maritime Week 2025.
Read Also: Cochin Shipyard and DCI Forge 5-Year Partnership to Boost Vessel Repairs and Maritime Operations
Under the new arrangement, the two companies will jointly operate and expand the ISRF in Kochi, with the aim of creating additional capacity and servicing a wider range of vessels.
Key features of the partnership include:
- CSL and Drydocks World will each hold a 50% stake in the joint venture.
- Initial capital will be funded through equity contributions from both companies.
- The JV will operate and expand the International Ship Repair Facility in Kochi.
- The facility will cater to Indian, regional and international customers.
- The partnership will cover ship repair, engineering, fabrication and allied maritime services.
India-UAE Expertise to Strengthen Maritime Services
The partnership combines CSL’s domestic shipbuilding, repair and engineering capabilities with Drydocks World’s international experience in vessel repair, maintenance, major conversions and offshore engineering, procurement and construction.
The ISRF is strategically located along major international shipping routes and has a ship lift system and modern docking infrastructure designed to handle a wide range of vessels.
Union Minister Sarbananda Sonowal said the partnership would strengthen India’s ship repair ecosystem and create new capacity, skills and economic opportunities while supporting Kochi’s emergence as a maritime services hub.
JV Could Create Jobs and Attract Investment
Ministry of Ports, Shipping and Waterways Secretary Vijay Kumar described the partnership as a model that could potentially be replicated along India’s coastline.
He said the JV could help attract foreign investment, generate foreign exchange and create thousands of skilled jobs, while supporting the objectives of the Maritime Amrit Kaal Vision 2047.
The companies also expect the partnership to create opportunities across ship repair, engineering, fabrication and related maritime services in Kerala.
Towards a Larger Ship Repair Ecosystem
CSL CMD Jose V J said the partnership would bring global practices in ship repair to India, with the Kochi facility serving as an anchor for a wider repair cluster.
Drydocks World CEO Captain Rado Antolovic said the companies aim to combine CSL’s local expertise and workforce with Drydocks World’s global capabilities and technology, while exploring opportunities to expand ship repair and fabrication capabilities across India.
The JV is expected to strengthen Kochi’s position as a maritime services hub and contribute to India’s broader ambition of becoming a major global destination for shipbuilding and ship repair.
Read Also: Sonowal Sets Out Plan to Add 100 Ships to India’s Fleet, Cut $75 Billion Foreign Freight Bill
