DP World's Drydocks World signs pact with Cochin Shipyard for Kochi unit

State-owned Cochin Shipyard (CSL) and Drydocks World — owned by UAE’s ports giant DP World — have signed an agreement to operate the international ship repair facility (ISRF) in Kochi.

The facility, which started operations in 2024, was owned solely by CSL.

On Wednesday, the public sector undertaking (PSU) informed the exchanges of the formation of the 50:50 joint venture — CSL will transfer the stake to the JV and receive ₹1,800 crore.

Drydocks World is a service provider for the maritime, offshore oil and gas, and renewable energy industries.

Spanning 200 hectares, Drydocks World features five docks and over 3,700 metres.

Under the agreement, the joint venture will operate, consolidate and expand the ISRF in Cochin, creating additional capacity to service a wider range of vessels and meet the growing requirements of Indian, regional and international customers.

The collaboration builds on the memorandum of understanding signed by Drydocks World and CSL during India Maritime Week 2025, under which the two organisations agreed to explore opportunities for cooperation in ship repair and allied maritime services.

The partnership also marks the establishment of what the companies describe as a first-of-its-kind public-private partnership in India's ship repair sector, bringing together the capabilities of a leading global shipyard operator and India's largest shipbuilding and ship repair company.

Government officials said that the move represents a commercial success for CSL, which has recovered its initial investment in the facility through the transaction alone and will continue to have a 50 per cent stake in the facility.

An executive said that the JV has already received an order for the repair of two vessels.

Initial capital will be funded through equity contributions from both parties.