Cochin Shipyard Approves 50:50 JV with DP World's Drydocks World for ₹1,800 Crore Kochi Ship Repair Facility
Cochin Shipyard Limited has approved a 50:50 joint venture with Drydocks World – Dubai FZCO, a DP World company, to operate its International Ship Repair Facility (ISRF) at Willingdon Island, Kochi. The ISRF will be transferred to the JV via slump sale for not less than ₹1,800 crore (Rs 18 billion), with half the consideration payable in cash and the remainder through shares. The JV will be incorporated as a private limited company under the Companies Act, 2013, with its registered office in Kochi.
The facility handles 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 partners intend to add ten additional workstations. Drydocks World will nominate three of the five directors on the JV board, while Cochin Shipyard will nominate two, along with senior management positions including CEO, CFO and COO as applicable.
The ISRF occupies around 30 hectares at Willingdon Island, on land and water areas leased from the Cochin Port Authority for sixty years, and was originally constructed at a cost of ₹970 crore. It has a 6,000-tonne ship lift and transfer system, six workstations and about 1,400 metres of berthing space, enabling simultaneous handling of up to six vessels and an annual throughput of up to 82 ships. The facility was inaugurated in January 2024 and began commercial operations in August 2024.
For FY26, the ISRF generated revenue of ₹207 crore, accounting for around 4.81 per cent 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 per cent of Cochin Shipyard's net worth as of March 31, 2026.