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, with operations covering ship repair, vessel conversion and offshore energy projects.
DDW has more than four decades of experience in the maritime and offshore sectors and undertakes over 300 projects annually. DDW’s facility in Dubai is the largest ship repair facility in the Middle East. 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.
As part of the proposal, the ISRF shall be transferred to the joint venture company on a slump sale basis as a going concern for a consideration of not less than Rs. 1,800 crore. Cochin Shipyard will receive 50 per cent of the consideration in cash and the remaining 50 per cent in the form of shares of the joint venture company, according to a stock exchange filing.
The joint venture will be formed as a private limited company (JVCo.) incorporated under the Companies Act, 2013, with its registered office at Kochi.
The joint venture will undertake dry-docking, maintenance, repair and overhaul of commercial and naval vessels below 130 meters of length and 6,000-tonne weight. Further, the joint venture also envisages capacity augmentation of the ISRF through the addition of ten workstations
ISRF has been developed over an area of around 30 hectares, comprising both land and water areas, at Willingdon Island, Kochi, leased from the Cochin Port Authority for a period of 60 years. The facility can handle vessels of up to 130 metres in length and was constructed at a cost of Rs. 970 crore. It has a 6,000-tonne capacity ship lift and transfer system, six workstations and around 1,400 metres of berthing space.
The facility can undertake repair of up to six vessels simultaneously and has an annual throughput capacity of up to 82 ships. The facility was inaugurated by Prime Minister Narendra Modi on 17 January, 2024 and the commercial operations commenced on 12 August 2024.
The ISRF reported revenue of Rs. 207.33 crore during the financial year 2025-26, which is about 4.81 per cent of the total revenue from operations of Cochin Shipyard. The value of the ISRF arrived at based on third party independent valuations is Rs. 1,800 crore, which is about 30.55 per cent of Cochin Shipyard net worth of Rs. 5,892.83 crore as on March 31, 2026.
The joint venture company will be managed by a board consisting of five directors, with DDW entitled to nominate three directors and the senior management personnel like CEO, CFO and COO, as applicable, and Cochin Shipyard is entitled to nominate two directors.
The joint venture is proposed to leverage the complementary strengths, expertise and capabilities of CSL and DDW in the ship repair sector, the company said.
It is expected to create synergies between the two entities and facilitate the adoption of global best practices, advanced technologies and efficient processes in the domestic ship repair ecosystem, thereby improving the quality, efficiency and turnaround time of ship repair services, it added.
The joint venture is also expected to augment ship repair capacity in the country, strengthen the domestic ship repair infrastructure and enhance India’s capability to undertake complex and high-value ship repair projects.
The initiative is also aligned with the objectives of Maritime India Vision 2030 (MIV 2030) and Maritime Amrit Kaal Vision 2047 (MAKV 2047) and supports the Government of India’s vision of Aatmanirbhar Bharat by promoting self-reliance in the maritime sector, the company said.
The materialisation of the proposal would require the approval of the Cochin Port Authority, the Government of India (Ministry of Ports, Shipping and Waterways (Administrative Ministry) and Department of Investment and Public Asset Management, Ministry of Finance) and the Shareholders of the Company.
The Joint Venture Agreement is proposed to be signed on 11 September 2026 and the other agreements will be signed upon incorporation of the JVCo. and receipt of all requisite approvals. The proposal is expected to be implemented prior to the end of the current financial year.
