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Drydocks World, a DP World company, and Cochin Shipyard Limited (CSL) signed a Joint Venture Agreement on 11 September 2026 to own, operate and expand CSL's International Ship Repair Facility (ISRF) at Willingdon Island, Kochi.
The JV is 50:50, but Drydocks World will nominate three of five directors and the CEO, CFO and COO.
CSL will transfer the ISRF to the JV on a slump-sale basis for not less than Rs 1,800 crore, half in cash and half in shares.
The JV plans to add ten workstations to the facility, which has a 6,000-tonne ship lift, and the deal is expected to complete within the current financial year.
Central public sector shipbuilding and ship repair company; owner of the ISRF
Ship repair, conversion and offshore fabrication yard operator; JV partner
Administrative ministry for CSL and maritime policy
Build domestic shipbuilding and repair capacity through financing, cluster development and reforms
Key: Four pillars and a National Shipbuilding Mission to coordinate the schemes
Long-term finance for the maritime sector
Key: Rs 25,000 crore corpus; ship repair is among its listed use cases
Financial support to Indian shipyards
Key: Extended to 31 March 2036 with Rs 24,736 crore
Expand domestic capacity and mega shipbuilding clusters
Key: Rs 19,989 crore outlay; target capacity of 4.5 million gross tonnage a year
PM Narendra Modi inaugurates the ISRF at Willingdon Island, Kochi
Ship repair operations begin at the ISRF
Cabinet clears the Rs 69,725 crore shipbuilding and maritime package
Drydocks World and CSL sign an MoU at India Maritime Week 2025
Joint Venture Agreement signed in New Delhi
Transaction expected to be completed
The ISRF stands on Willingdon Island, a man-made island in Kochi harbour, Kerala, which also houses Cochin Port facilities. Kochi lies close to major East-West shipping lanes off India's south-west coast, which is why it is being positioned as a regional repair hub.
GS Paper III > Infrastructure - ports and shipping; investment models
General Awareness > Business and corporate news; PSUs
Transfer of a whole business undertaking for a lump-sum consideration, without assigning values to individual assets and liabilities
A platform that raises a vessel out of the water so it can be moved to a dry workstation for repair
A company jointly owned by two or more partners who share control, investment and returns