Cochin Shipyard, Drydocks World Sign 50:50 JV to Expand ISRF

Cochin Shipyard Limited (CSL) and Drydocks World, a DP World company, have signed a joint venture agreement to operate and expand the International Ship Repair Facility (ISRF) in Cochin. The 50:50 partnership, formalised on the sidelines of the BRICS Summit 2026 in New Delhi, marks India's first public-private partnership in the ship repair sector.

The agreement was signed by Captain Rado Antolovic, CEO of Drydocks World, and Jose V J, Chairman and Managing Director of Cochin Shipyard Ltd., in the presence of Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal and H.E. Omran Sharaf Alhashimi, UAE Assistant Foreign Minister for Advanced Science and Technology.

The joint venture builds on a Memorandum of Understanding signed by the two organisations during India Maritime Week 2025 to explore collaboration in ship repair and allied maritime services. Under the new arrangement, the JV will operate, consolidate and expand the ISRF, adding capacity to service a wider range of vessels for Indian, regional and international customers. Both partners will hold equal stakes, with initial capital funded through equity contributions.

The facility, located along major international shipping routes, features a ship lift system and modern docking facilities. The partnership is expected to strengthen Cochin's position as a maritime services hub and create opportunities in ship repair, engineering, fabrication and associated maritime services in Kerala.

Sonowal described the partnership as a milestone in strengthening India's ship repair ecosystem and reflected the maritime relationship between India and the UAE. He said the joint venture would create new capacity, skills and economic opportunities while supporting the Maritime Amrit Kaal Vision 2047.

Alhashimi said the collaboration was an example of how UAE-India ties could translate into industrial outcomes by combining complementary expertise.

Vijay Kumar, Secretary, Ministry of Ports, Shipping and Waterways, said the model could be extended across India's coastline to create hubs of excellence in ship repair and conversion, attracting foreign investment and generating skilled jobs.

Antolovic said the partnership combined Cochin Shipyard's local expertise and workforce with Drydocks World's global capabilities and technology, adding that the ambition extended beyond a single facility. Jose V J said the venture would onboard global best practices, accelerate turnaround times and set new benchmarks for quality and safety, while advancing the vision of Maritime India 2030 and Amrit Kaal 2047.