Drydocks World, a DP World company, and Cochin Shipyard Limited signed a 50:50 joint venture agreement on 11 September 2026 to operate and expand the International Ship Repair Facility in Kochi. The agreement was formalised during the BRICS Summit 2026 in New Delhi and involves the transfer of the existing Willingdon Island facility to the new company.
International Ship Repair Facility
The International Ship Repair Facility (ISRF) is located in Kochi, Kerala, and began commercial operations in August 2024. The facility has a 6,000-tonne ship lift and six workstations, and the expansion plan adds ten more workstations to take the total to 16.
Joint Venture Structure and Management
The joint venture has equal ownership, but Drydocks World will nominate three of the five directors and appoint the chief executive officer, chief financial officer, and chief operating officer. Cochin Shipyard Limited will nominate the remaining two directors, and both partners are expected to invest Rs 900 crore each in the project.
Project Scope and Transaction Details
The venture is designed to operate, consolidate, and expand the ISRF for Indian, regional, and international vessels. Cochin Shipyard Limited will transfer the Willingdon Island facility to the new company for at least INR 18 billion, with half of the consideration paid in cash and the remainder in shares.
Important Facts for Exams
- Drydocks World is part of DP World, a global logistics and port operator based in Dubai.
- Cochin Shipyard Limited is a Government of India public sector undertaking under the Ministry of Ports, Shipping and Waterways.
- The BRICS Summit is a multilateral forum of Brazil, Russia, India, China, and South Africa, with later expansion in membership.
- India Maritime Week 2025 included a memorandum of understanding between Drydocks World and Cochin Shipyard Limited on ship repair and allied maritime services.
Timeline and Completion
The joint venture transaction is expected to be completed in March 2027. The agreement has been described as a first-of-its-kind public-private partnership in India’s ship repair sector.
