Drydocks World signs agreement with Cochin Shipyard for Kochi unit
State-owned Cochin Shipyard (CSL) and Drydocks World, owned by UAE’s ports giant DP World, have inked a deal to jointly operate the international ship repair facility (ISRF) in Kochi. The facility, which commenced operations in 2024, was previously solely owned by CSL.
Joint Venture Formation and Agreement Details
On Wednesday, the public sector undertaking (PSU) announced the formation of a 50:50 joint venture between CSL and Drydocks World. As part of the agreement, CSL will transfer its stake to the JV and receive a sum of ₹1,800 crore. Drydocks World, known for its services in the maritime, offshore oil and gas, and renewable energy industries, spans 200 hectares and boasts five docks and over 3,700 meters.
Expansion and Collaboration
The newly formed joint venture will operate, consolidate, and expand the ISRF in Cochin, aiming to enhance the facility’s capacity to service a broader range of vessels and cater to the increasing demands of Indian, regional, and international customers. This collaboration builds on a memorandum of understanding signed during India Maritime Week 2025, where both organizations agreed to explore opportunities for cooperation in ship repair and allied maritime services.
First-of-its-kind Partnership in India’s Ship Repair Sector
Described as a first-of-its-kind public-private partnership in India’s ship repair sector, this collaboration between Drydocks World and CSL merges the expertise of a leading global shipyard operator with India’s largest shipbuilding and ship repair company. Government officials have lauded the move as a commercial success for CSL, enabling the recovery of its initial investment in the facility through the transaction while retaining a 50% stake.
An executive revealed that the joint venture has already secured an order for the repair of two vessels, with the initial capital being funded through equity contributions from both parties. This partnership signifies a significant milestone in the Indian maritime industry, bringing together top players to drive growth and innovation in ship repair services.
