Cochin Shipyard’s board approved a 50:50 venture with DP World-owned Drydocks World on September 9 to operate and expand a ship-repair facility in Kochi.
The proposed private limited company will own, operate and manage the International Ship Repair Facility (ISRF) at Willingdon Island. Cochin Shipyard plans to transfer the facility to the venture as a going concern through a slump sale valued at no less than ₹1,800 crore (US$188 million).
According to its board disclosure, Cochin Shipyard will take half the consideration in cash and the balance as shares in the venture. Independent valuations placed the ISRF’s value at ₹1,800 crore, equal to about 30.55 per cent of the shipbuilder’s ₹5,892.83 crore net worth at March 31, 2026.
Each company will own 50 per cent of the venture’s share capital. Of its five directors, three will be nominated by Drydocks World and two by Cochin Shipyard. Drydocks World will have the right to select senior managers, including the chief executive officer and chief financial officer.
The partners intend to add 10 workstations to the ISRF’s existing six, taking the total to 16. The venture will offer dry-docking, maintenance, repair and overhaul support to commercial and naval vessels under 130 metres long and weighing less than 6,000 tonnes.
The ISRF is equipped with a 6,000-tonne-capacity ship lift and transfer system, approximately 1,400 metres of berthing space and the ability to repair as many as six vessels at once. Its stated annual throughput is up to 82 ships.
Built for ₹970 crore, the facility was inaugurated on January 17, 2024, and began commercial operations on August 12 that year. It generated revenue of ₹207.33 crore in the 2025–26 financial year, representing about 4.81 per cent of Cochin Shipyard’s revenue from operations.
The site covers around 30 hectares of land and water area leased from the Cochin Port Authority for 60 years. Cochin Shipyard said the venture is intended to improve repair capacity, efficiency and turnaround times while supporting more complex, higher-value projects in India.
The proposal requires consent from the Cochin Port Authority, the Ministry of Ports, Shipping and Waterways, the Department of Investment and Public Asset Management and Cochin Shipyard shareholders. The company said the asset transfer would be completed at arm’s length because its 50 per cent holding will make the sale a related-party transaction.
The disclosure envisaged the signing of the joint venture agreement on September 11. The shareholders, business transfer and license agreements are due to follow after incorporation and receipt of the required approvals, with implementation targeted before the end of the current financial year.
Cochin Shipyard and Drydocks World signed a memorandum of understanding in April 2025 to examine cooperation in ship repair and related maritime services. Their initial work focused on the Kochi facility, with possible future cooperation covering other Indian locations and offshore fabrication.
Since its establishment in 1983, Drydocks World has finished over 9,000 projects involving ship repair, maintenance and upgrades, while undertaking more than 300 projects annually. The Dubai-based company became part of the DP World group in 2018.