Cochin Shipyard Ltd (CSL) will form a 50:50 joint venture with DDW to own, operate and manage its International Ship Repair Facility (ISRF) at Willingdon Island, Kochi.
The joint venture company will be incorporated as a private limited company under the Companies Act, 2013, with its registered office in Kochi. It will not be listed on any stock exchange.
JV to expand ship repair capacity
The proposed JV will undertake dry-docking, maintenance, repair and overhaul of commercial and naval vessels up to 130 metres in length and 6,000 tonnes in weight. It also plans to augment the ISRF by adding 10 workstations.
CSL and DDW will each hold 50% of the JV company. The five-member board will have three directors nominated by DDW and two by CSL, with DDW also entitled to nominate senior management personnel, including the CEO, CFO and COO, as applicable.
ISRF valued at ₹1,800 crore
Developed across around 30 hectares of land and water areas at Willingdon Island, the ISRF is located on land leased from the Cochin Port Authority for 60 years. The facility was constructed at a cost of ₹970 crore.
The ISRF has a 6,000-tonne ship lift and transfer system, six workstations and around 1,400 metres of berthing space. It can repair up to six vessels simultaneously and has an annual throughput capacity of up to 82 ships.
Slump sale to proposed JV
The facility was inaugurated by Prime Minister Narendra Modi on January 17, 2024, and commercial operations commenced on August 12, 2024. The ISRF generated revenue of ₹207 crore in FY26, accounting for about 5% of CSL’s revenue from operations.
Independent third-party valuations have placed the value of the ISRF at ₹1,800 crore, equivalent to about 31% of CSL’s net worth of ₹5,892 crore as of March 2026.
Focus on domestic ship repair
Under the proposal, CSL will transfer the ISRF to the JV on a slump-sale basis as a going concern for consideration of not less than ₹1,800 crore. CSL will receive 50% of the consideration in cash and the balance 50% in shares of the JV.
The partnership is expected to combine the ship repair expertise and capabilities of CSL and DDW, while facilitating the adoption of global best practices, advanced technologies and more efficient processes.
Supports maritime sector ambitions
The JV is expected to improve the quality, efficiency and turnaround time of ship repair services while increasing India’s capacity to undertake complex and high-value repair projects.
The Joint Venture Agreement is proposed to be signed on September 11, 2026.
Company background
Drydocks World – Dubai FZCO (DDW) is a DP World company and a leading provider of marine and offshore services for the shipping, oil & gas, and renewable energy sectors. DDW has more than four decades of experience in the maritime and offshore sectors and undertakes over 300 projects annually.
DDW have completed more than 9,000 ship repair, maintenance and upgrade projects since its inception and serves clients globally, including in the Middle East, Asia, Europe, Africa and the Americas.