Drydocks World, a company of DP World, and Cochin Shipyard Limited (CSL) announced on Saturday the signing of an agreement to establish a joint venture. The purpose of this venture is to manage and expand the International Ship Repair Facility (ISRF) in Kochi.
According to the terms of the agreement, the joint venture will be responsible for consolidating and expanding the ISRF, which will increase capacity to service a wider range of vessels, meeting the growing needs of Indian, regional, and international clients.
This partnership is based on a Memorandum of Understanding (MoU) signed by Drydocks World (DDW) and CSL during the India Maritime Week 2025 event. Under this MoU, both organizations agreed to explore cooperation opportunities in the field of ship repair and related marine services.
The companies officially formalized the cooperation through a joint venture with a 50:50 stake. This partnership has been described as an unprecedented public-private collaboration in India's ship repair sector.
This partnership is expected to strengthen Kochi's position as a maritime services hub and open new opportunities in ship repair, engineering, fabrication, and related marine services in Kerala.
Statements from Representatives
Serbananda Sonowal, Minister of Ports, Shipping and Waterways, stated that this joint venture is an important step towards strengthening India's ship repair ecosystem and represents a significant opportunity for Kerala to become a leading maritime services center. He noted that combining the experience of Cochin Shipyard with the global capabilities of Drydocks World will create new competencies, skills, and economic prospects for Kerala, enhancing India's competitiveness in the maritime sector, aligning with the Maritime Amrit Kaal Vision 2047.
Omran Sharaf Al Hashimi, Assistant Minister of Foreign Affairs for Advanced Science and Technology of the UAE, emphasized that relations between the UAE and India are based on mutual trust and economic cooperation. He believes that the joint venture between Drydocks World and Cochin Shipyard is a prime example of how such a partnership can lead to tangible industrial results by combining complementary expertise to enhance India's maritime potential.
Rado Antolovich, CEO of Drydocks World, noted that this partnership with Cochin Shipyard marks an important milestone for India's ship repair industry. He added that by combining the local experience and skilled workforce of Cochin Shipyard with the global capabilities and technologies of Drydocks World, they are creating a world-class ship repair offering, and their ambitions include expanding repair and shipbuilding capabilities across India.
Jose V J, Chairman and Managing Director of Cochin Shipyard, stated that this joint venture with Drydocks World Dubai marks a defining moment in India's journey to becoming a global ship repair center. He stressed that by combining CSL's deep domestic expertise with DDW's global experience, they are not just scaling up the business but also implementing best global practices, accelerating turnaround times, and setting new standards for quality and safety.
The partnership combines CSL's established capabilities in shipbuilding and repair, engineering expertise, and skilled workforce with Drydocks World's global experience in high-precision ship repair and maintenance, major conversions, and marine design, procurement, and construction (EPC).
Thanks to its strategic location along major international sea routes, the facility is equipped with a system of ship cranes and modern dry docks capable of servicing a wide range of vessels.
Drydocks World and Cochin Shipyard will each hold a 50 percent stake, and the initial capital will be financed through equity contributions from both parties.