According to National Stock Exchange of India corporate filings, Indian shipbuilder Cochin Shipyard Limited has received board approval to establish a 50:50 joint venture with Dubai-based maritime and engineering service provider Drydocks World — Dubai FZCO to own, operate, and manage the International Ship Repair Facility at Willingdon Island in Kochi, India.
Under the terms of the agreement, the facility will be transferred to the joint venture as a going concern at a valuation of INR 18bn ($188.04m).
The consideration will be settled 50% in cash and 50% in equity shares of the newly formed joint venture. The board approved the proposal on September 9, 2026, and the formal agreement is scheduled to be signed on September 11, 2026.
Governance terms dictate that Drydocks World will appoint three directors, including the chief executive officer, chief financial officer, and chief operating officer. Meanwhile, Cochin Shipyard will appoint two directors to the board.
The International Ship Repair Facility spans approximately 30 hectares of leased land and water from the Cochin Port Authority. It features a 6,000-tonne ship lift, a transfer system, six workstations, and around 1,400 meters of berthing space, with active plans to add 10 more workstations.
During the 2025–2026 financial year, the facility generated INR 2.07bn ($21.62m) in operational revenue, accounting for 4.81% of Cochin Shipyard's total revenue. The transfer valuation represents 30.55% of the company's net worth as of March 31, 2026.
Transaction completion remains subject to regulatory approvals from the Cochin Port Authority, the Ministry of Ports, Shipping and Waterways, the Department of Investment and Public Asset Management, and company shareholders.
Cochin Shipyard Limited is an Indian public sector shipbuilding and ship repair enterprise operating under the administrative control of the Ministry of Ports, Shipping and Waterways, engaged in constructing commercial vessels and naval warships as well as providing ship repair services.
Drydocks World — Dubai FZCO is a Dubai-based maritime and engineering service provider operating within the marine, petroleum, and energy sectors as part of DP World.