State-run Cochin Shipyard Ltd (CSL) will set up a 50:50 joint venture with Dubai-based Drydocks World, part of the DP World group, to develop India’s first ship repair cluster at the International Ship Repair Facility (ISRF) in Kochi, Kerala.
The two partners signed an Agreement of Heads of Terms on October 29, 2025, during the India Maritime Week in Mumbai. The collaboration aims to operate the cluster as a non-government joint venture, enabling faster, more efficient decision-making beyond the constraints of public sector regulations.
Modelled on the Petronet LNG structure, the JV will combine Cochin Shipyard’s local expertise with Drydocks World’s global experience to transform Kochi into a regional hub for ship repair and maritime services.
“Leveraging our complementary strengths, we aim to elevate India’s ship repair and maintenance standards to global benchmarks,” said Madhu Nair, Chairman and Managing Director of Cochin Shipyard. Rado Antalovic, CEO of Drydocks World, added that the partnership will develop “an advanced ship repair ecosystem built on efficiency, sustainability, and innovation.”
The ₹1,000-crore ISRF facility, spread over 8.12 hectares on Willingdon Island leased from Cochin Port Authority, includes a 6,000-tonne ship lift and transfer system, a 1,350-metre wet berth, and allied maritime infrastructure. Operational since August 2024, it is set to anchor India’s first ship repair cluster under the Maritime India Vision 2030.
India’s ship repair and maintenance market, estimated to grow 8–10% annually, currently loses over 30% of addressable business to foreign drydocks due to infrastructure gaps and long turnaround times. The Cochin JV seeks to reverse that trend and position India as a leading global maritime hub.