Ship Repair JV between Drydocks World, a DP World company, and Cochin Shipyard Limited (CSL) is set to expand India’s ship repair capacity. The two companies signed a 50:50 joint venture agreement on 11 September 2026 to operate and expand the International Ship Repair Facility (ISRF) in Kochi, Kerala. The agreement was signed on the sidelines of the BRICS Summit 2026 in New Delhi.

Ship Repair JV Targets Kochi Expansion

The new Ship Repair JV will take over and develop the existing ISRF at Willingdon Island in Kochi. The partnership will combine Cochin Shipyard’s experience in India with Drydocks World’s international experience in ship repair and maritime services.

The facility is expected to serve Indian, regional and international customers. The companies plan to increase its capacity so that more vessels can be repaired and maintained in Kochi. The partnership comes at a time when India is looking to strengthen its maritime infrastructure and increase its role in global shipping services.

International Ship Repair Facility in Kochi

The International Ship Repair Facility began commercial operations in August 2024. Located on Willingdon Island, the facility was developed to provide dry-docking, maintenance, repair and overhaul services for vessels.

The existing facility has a 6,000-tonne ship lift and six workstations. It also has around 1,400 metres of berthing space and can handle several vessels at the same time. The facility can support repair work for commercial and naval vessels of up to about 130 metres in length and 6,000 tonnes in weight.

Ten More Workstations Planned

A major part of the Ship Repair JV plan is the expansion of the existing facility. The partners intend to add 10 more workstations, increasing the total from six to 16.

The additional workstations will allow the facility to handle more vessels and undertake more repair activities at the same time. This could also help reduce the time ships spend waiting for repair slots.

The expansion is aimed at meeting growing demand from Indian shipping companies as well as customers from other countries. It also supports the wider development of Kochi as a maritime services centre.

₹1,800 Crore Facility Transfer

Under the agreement, Cochin Shipyard will transfer the existing Willingdon Island facility to the new joint venture through a slump-sale arrangement. The transaction value is expected to be at least ₹1,800 crore.

Cochin Shipyard will receive half of the consideration in cash and the remaining amount through shares in the joint venture. Both partners are also expected to invest ₹900 crore each in the new company.

The joint venture will be equally owned by Drydocks World and Cochin Shipyard. However, Drydocks World will have greater management control, with the right to nominate three of the five directors. It will also nominate key executives, including the chief executive officer, chief financial officer and chief operating officer. Cochin Shipyard will nominate the remaining two directors.

Growing India-UAE Maritime Cooperation

The Ship Repair JV also adds to the growing maritime relationship between India and the United Arab Emirates. Drydocks World is part of DP World, a Dubai-based global ports and logistics company.

The latest agreement builds on earlier cooperation between Drydocks World and Cochin Shipyard. The companies signed a memorandum of understanding during India Maritime Week 2025 to explore opportunities in ship repair and related maritime services. Their cooperation has now moved towards a major operating partnership in Kochi.

The partnership is also linked to India’s broader efforts to develop maritime infrastructure and services. Expanding ship repair capacity can help Indian and foreign vessels access repair facilities closer to major shipping routes in the region.

Kochi’s Role in the Maritime Sector

Kochi has long been an important maritime centre on India’s west coast. The development of the ISRF adds another important service to the city’s existing shipbuilding, port and shipping activities.

The Ship Repair JV could strengthen Kochi’s position as a regional location for vessel maintenance. A larger repair facility may also attract more international vessels and support businesses connected with engineering, equipment supply, logistics and marine services.

For India, stronger domestic ship repair capacity can also reduce dependence on overseas repair yards for some vessels. It can support the wider maritime industry while creating opportunities for skilled workers and related businesses.

Completion and Next Steps

The joint venture still requires the necessary regulatory and other approvals. These include approvals linked to the Cochin Port Authority, the Ministry of Ports, Shipping and Waterways, government authorities and Cochin Shipyard shareholders. The transaction is targeted to become effective before the end of financial year 2026-27.

Once operational, the new company will focus on running, consolidating and expanding the Kochi facility. Its immediate priority will be increasing repair capacity and serving a wider range of Indian and international vessels.

The development comes as India continues to invest in ports, shipbuilding, ship repair and other maritime services. The Kochi project is therefore part of a broader push to make Indian maritime infrastructure more competitive in the regional and global market.