The agreement was signed by Captain Rado Antolovic, CEO, Drydocks World, and Jose V J, Chairman and Managing Director, Cochin Shipyard Limited, on the sidelines of the BRICS Summit 2026 in New Delhi.
The agreement builds on the MoU signed by Drydocks World (DDW) and CSL during India Maritime Week 2025, under which the two organisations agreed to explore opportunities for collaboration in ship repair and allied maritime services.
The companies have now formalised the collaboration through a 50:50 joint venture, marking the establishment of a first-of-its-kind public-private partnership in India’s ship repair sector.
The joint venture will operate, consolidate and expand the ISRF in Kochi, creating additional capacity to service a wider range of vessels and meet the growing requirements of Indian, regional and international customers.
Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, said: “This joint venture is a significant step in strengthening India’s ship repair ecosystem and a major opportunity for Kerala to emerge as a leading maritime services hub. By combining Cochin Shipyard’s expertise with Drydocks World’s global capabilities, the partnership will create new capacity, skills and economic opportunities for Kerala, while enhancing India’s maritime competitiveness. It supports our vision under Maritime Amrit Kaal Vision 2047 to build a self-reliant and globally competitive maritime sector.”
Captain Rado Antolovic, CEO, Drydocks World, said: “By combining Cochin Shipyard’s local expertise and skilled workforce with Drydocks World’s global capabilities and technology, we are creating a world-class ship repair offering. Our ambition goes beyond one facility—we see opportunities to expand ship repair and fabrication capabilities across India.”
Jose V J, Chairman and Managing Director, Cochin Shipyard Limited, said: “We are not just scaling up business—we are onboarding global best practices, accelerating turnaround times, and setting new benchmarks for quality and safety. This partnership will catalyse a thriving repair cluster, attract international fleets, generate high-skilled employment, and advance the vision of Maritime India 2030 and Amrit Kaal 2047.”
Drydocks World and Cochin Shipyard Limited will each hold a 50 per cent stake in the joint venture, with the initial capital to be funded through equity contributions from both parties.
Published on September 11, 2026