KOCHI: Cochin Shipyard Ltd. on Wednesday, September 9, approved a proposal to form a 50:50 joint venture with Drydocks World – Dubai FZCO (DDW), a DP World company, to operate and manage its International Ship Repair Facility (ISRF) at Willingdon Island in Kochi.
Under the proposed transaction, the ISRF will be transferred to the joint venture company on a slump sale basis for a consideration of not less than ₹1,800 crore, according to the company’s exchange filing. Cochin Shipyard will receive 50% of the consideration in cash, with the remaining 50% paid through shares of the JV company.
The proposed JV will be incorporated as a private limited company under the Companies Act, 2013, with its registered office in Kochi. It will own, operate and manage the ISRF for dry-docking, maintenance, repair and overhaul of commercial and naval vessels of up to 130 metres in length and 6,000 tonnes in weight. The JV also plans to augment the facility by adding 10 workstations.
Cochin Shipyard-Drydocks World JV
The ISRF, spread across around 30 hectares at Willingdon Island, has been developed on land and water areas leased from the Cochin Port Authority for 60 years. The facility was constructed at a cost of ₹970 crore and has a 6,000-tonne ship lift and transfer system, six workstations and around 1,400 metres of berthing space.
The facility can handle up to six vessels simultaneously and has an annual throughput capacity of up to 82 ships. It was inaugurated in January 2024 and began commercial operations in August 2024.
For financial year 2026, the ISRF generated revenue of ₹207.33 crore, and accounted for around 4.81% of Cochin Shipyard’s total revenue from operations. Its value, based on third-party independent valuations, stands at ₹1,800 crore, equivalent to around 30.55% of Cochin Shipyard’s net worth as of March 31, 2026.
What will the JV entail?
Cochin Shipyard and DDW will each hold 50% of the JV’s share capital. However, DDW will have the right to nominate three of the five directors on the JV’s board, while Cochin Shipyard will nominate two directors. DDW will also be entitled to nominate senior management personnel, including the CEO, CFO and COO, as applicable.
Cochin Shipyard said the partnership will combine the companies’ expertise and capabilities in ship repair and is expected to facilitate the adoption of global best practices, advanced technologies and efficient processes.
The company expects the JV to improve the quality, efficiency and turnaround time of ship repair services, while augmenting India’s ship repair capacity and strengthening domestic infrastructure for complex and high-value ship repair projects.
Approvals, timeline
The transaction requires approvals from the Cochin Port Authority, the Ministry of Ports, Shipping and Waterways, the Department of Investment and Public Asset Management (DIPAM), and Cochin Shipyard shareholders. The company said it is in the process of approaching the relevant authorities.
Cochin Shipyard said the Joint Venture Agreement is proposed to be signed on September 11, 2026, while the other definitive agreements will be signed after incorporation of the JV company and receipt of the required approvals. The transaction is expected to be implemented before the end of the current financial year.
Drydocks World–Dubai is a DP World company and provides marine and offshore services across ship repair, vessel conversion and offshore energy projects. Its Dubai facility is the largest ship repair facility in the Middle East.
