Cochin in 50:50 joint venture with Drydocks World to operate in Kochi

Cochin Shipyard has approved a 50:50 joint venture with Drydocks World to operate the International Ship Repair Facility (ISRF) in Kochi, with the Dubai-based company taking management control of the operation.
Under the agreement, Cochin will transfer its Willingdon Island facility (International Ship Repair Facility, ISRF) to the new company as a going concern for not less than INR 18 billion (EUR 197 million). Half of the consideration, equivalent to around INR 9 billion (EUR 98.5 million), will be paid in cash, with the balance issued as shares in the joint venture.
Although ownership will be split equally, Drydocks World will nominate three of the five directors and appoint the CEO, CFO and COO. Cochin will nominate the remaining two directors.
The ISRF entered commercial service in August 2024 and is equipped with a 6,000-tonne ship lift, six workstations and approximately 1,400 metres of berthing space. The yard can accommodate up to six vessels simultaneously and has a designed annual throughput of 82 ships. According to Cochin’s latest annual report, the facility completed around 35 refits during the 2025-26 financial year and generated revenue of about USD 21.8 million (approximately EUR 18.8 million).
The partners plan to expand the site by adding ten further workstations, increasing the capacity to 16. The facility primarily targets vessels of up to 130 metres and 6,000 dwt.
The joint-venture agreement was signed on September 11th, with completion expected in March 2027, subject to regulatory and shareholder approvals.