Cochin Shipyard Approves 50:50 JV with Drydocks World Dubai for ISRF

Mumbai: Cochin Shipyard Limited (NSE: COCHINSHIP | BSE: 540678) has approved the formation of a 50:50 joint venture with Drydocks World Dubai – FZCO (DDW) to own, operate and manage its International Ship Repair Facility (ISRF) at Willingdon Island, Kochi.

The decision was taken at the Board meeting held on 9 September 2026.

Key Features of the Joint Venture

• The JV will be incorporated as a private limited company under the Companies Act, 2013, with its registered office in Kochi.

• Both Cochin Shipyard and Drydocks World Dubai will hold 50% equity each.

• The Board of the JV company will have five directors — DDW will nominate three directors (and senior management positions such as CEO, CFO and COO), while CSL will nominate two directors.

About the International Ship Repair Facility (ISRF)

• Developed over approximately 30 hectares (land + water) on a 60-year lease from Cochin Port Authority.

• Constructed at a cost of ₹970 crore.

• Equipped with a 6,000-tonne capacity shiplift and transfer system, six workstations and around 1,400 metres of berthing space.

• Can handle vessels up to 130 metres in length and 6,000 tonnes weight.

• Annual throughput capacity of up to 82 ships.

• Inaugurated by the Hon’ble Prime Minister on 17 January 2024; commercial operations began on 12 August 2024.

• Generated revenue of ₹207.33 crore in FY 2025-26 (about 4.81% of CSL’s total revenue from operations).

The ISRF has been valued at ₹1,800 crore by independent third-party valuers. It will be transferred to the JV company on a slump sale basis as a going concern. CSL will receive 50% of the consideration in cash and the remaining 50% in the form of equity shares of the JV company.

Strategic Rationale

The partnership aims to combine CSL’s domestic presence with DDW’s global expertise in ship repair, vessel conversion and offshore projects. Expected benefits include adoption of global best practices, improved turnaround time, capacity augmentation (addition of 10 workstations) and stronger alignment with Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.

Next Steps

• The Joint Venture Agreement is scheduled to be signed on 11 September 2026.

• Other agreements (Shareholders Agreement, Business Transfer Agreement and License Agreement) will be executed after incorporation of the JV and receipt of necessary approvals.

• Approvals required from Cochin Port Authority, Ministry of Ports, Shipping and Waterways, Department of Investment and Public Asset Management (DIPAM), and shareholders of CSL.

• The proposal is expected to be implemented before the end of the current financial year.

Drydocks World Dubai is a DP World company and one of the leading ship repair and offshore service providers in the Middle East, with more than four decades of experience and over 9,000 projects completed.