New Delhi: In a major move to strengthen India’s ship repair sector, Cochin Shipyard Limited (CSL) and Drydocks World, a DP World company, have signed a 50:50 Joint Venture Agreement for the operation, consolidation and expansion of the International Ship Repair Facility (ISRF) in Kochi.
The agreement was signed by Captain Rado Antolovic, CEO of Drydocks World, and Jose V.J., Chairman and Managing Director of Cochin Shipyard Limited, in New Delhi on the sidelines of the BRICS Summit 2026. The signing took place in the presence of Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and UAE Assistant Minister for Advanced Sciences and Technology Omran Sharaf Alhashimi.
The partnership builds on the Memorandum of Understanding signed by Drydocks World and CSL during India Maritime Week 2025. Under the MoU, both organisations had agreed to explore cooperation in ship repair and allied maritime services.
The new joint venture will operate, consolidate and expand the ISRF in Kochi. It will increase the facility’s capacity to serve a wider range of vessels and meet the growing requirements of Indian, regional and international customers.
Union Minister Sarbananda Sonowal said the partnership is an important milestone in strengthening India’s ship repair ecosystem and reflects the strong maritime ties between India and the UAE. He said the combination of India’s growing shipbuilding and ship repair capabilities with the UAE’s global maritime expertise would create new capacity, skills and economic opportunities.
Vijay Kumar, Secretary, Ministry of Ports, Shipping and Waterways, said the joint venture could become a replicable model for developing ship repair and conversion centres of excellence along India’s extensive coastline. He said the initiative would help attract foreign investment, generate foreign exchange and create thousands of skilled jobs.
Captain Rado Antolovic, CEO of Drydocks World, said the partnership brings together Cochin Shipyard’s local expertise and skilled workforce with Drydocks World’s global capabilities and technology to develop world-class ship repair services.
Jose V.J., Chairman and Managing Director of Cochin Shipyard Limited, said the joint venture marks a decisive step towards making India a global ship repair hub. He said the partnership would help adopt global best practices, reduce turnaround time and establish new standards for quality and safety.
The partnership combines CSL’s established shipbuilding and ship repair capabilities, engineering expertise and skilled workforce with Drydocks World’s global experience in ship repair and maintenance, major conversions and offshore Engineering, Procurement and Construction (EPC).
Strategically located along major international shipping routes, the ISRF is equipped with a state-of-the-art ship lift system and modern docking facilities capable of servicing a wide range of vessels.
Both Drydocks World and Cochin Shipyard Limited will hold an equal 50 per cent stake in the joint venture. The initial capital will be provided by both partners through equity contributions.
The partnership is expected to strengthen Kochi’s position as a major maritime services hub and create new opportunities in ship repair, engineering, fabrication and allied maritime services across Kerala and India.
