The 50:50 joint venture will operate and expand the International Ship Repair Facility (ISRF) in Cochin, strengthening India’s ship repair ecosystem and serving growing regional and global demand.

New Delhi/Cochin, India: 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 Shri Sarbananda Sonowal, Hon’ble 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.

Shri Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways, said: “This joint venture is a significant step in strengthening India’s ship repair ecosystem and a major opportunity for Kerala to emerge as a leading maritime services hub. By combining Cochin Shipyard’s expertise with Drydocks World’s global capabilities, the partnership will create new capacity, skills and economic opportunities for Kerala, while enhancing India’s maritime competitiveness. It supports our vision under Maritime Amrit Kaal Vision 2047 to build a self-reliant and globally competitive maritime sector.”

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.”

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.”

Mr. 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.