Cochin Shipyard Plans ₹1,800 Crore JV Expansion
Cochin Shipyard Ltd has approved a proposed 50:50 joint venture with Drydocks World–Dubai FZCO, a DP World company, to operate and manage its International Ship Repair Facility (ISRF) at Willingdon Island, Kochi. The ISRF will be transferred to the JV on a slump-sale basis for a consideration of not less than ₹1,800 crore, with 50% received in cash and the balance through JV shares.
For FY26, the facility generated ₹207.33 crore of revenue, contributing around 4.81% of Cochin Shipyard’s total operating revenue, while its independently assessed value of ₹1,800 crore represented 30.55% of the company’s net worth as of March 31, 2026. Developed at a cost of ₹970 crore across around 30 hectares, the facility has a 6,000-tonne ship lift, six workstations and around 1,400 metres of berthing space, with capacity to handle six vessels simultaneously and up to 82 ships annually.
Inaugurated in January 2024, it began commercial operations in August 2024 and is now planned to be expanded by 10 additional workstations. Both partners will hold 50% of the JV, although DDW will nominate three of five directors and have rights to nominate senior management including the CEO, CFO and COO, as applicable, while Cochin Shipyard will nominate two directors.
The partnership is intended to combine ship-repair capabilities, technology and operational expertise, with the broader objective of improving efficiency and turnaround time and expanding India’s capacity for complex ship-repair projects. The JV agreement is proposed to be signed on September 11, 2026, with completion targeted before the end of FY27, subject to approvals from relevant authorities and Cochin Shipyard shareholders.