Cochin Shipyard Limited (CSL) has established a 50:50 joint venture with Drydocks World Dubai FZCO, a company under the DP World group, to manage its International Ship Repair Facility (ISRF) at Willingdon Island, Kochi. The decision came during a Board meeting on September 9, 2026. The venture will be a private limited company, with the ISRF transferred to it at a valuation of Rs 1,800 crore, constituting about 30.55% of CSL’s net worth as of March 31, 2026. CSL will receive half the payment in cash and the other half in shares.
Although ownership is equal, management will favor Drydocks World, which will appoint three of five directors and key leaders including the CEO, CFO, and COO. The ISRF, covering 30 hectares and constructed at a cost of Rs 970 crore, specializes in dry-docking and servicing vessels up to 130 meters long. It contributed 4.81% of CSL’s revenue in FY26, with plans to enhance its capacity by adding ten new workstations.
The joint venture agreement is set to be signed on September 11, 2026, pending approvals from the Cochin Port Authority, the Government of India, and CSL shareholders. This partnership aims to leverage CSL’s shipbuilding skills with Drydocks World’s international expertise, enhancing efficiency and allowing for more complex projects. The venture aligns with India’s growing ship repair market and the Maritime India Vision 2030 initiative.
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