By Andalib Akhter
Drydocks World, a DP World company, and Cochin Shipyard Ltd (CSL) have formed a 50:50 joint venture to expand ship-repair capacity at Kochi, setting the stage for India to capture a larger share of the multibillion-dollar global ship-repair market while positioning the country as a more competitive servicing hub for international fleets.
The joint venture will operate, consolidate and expand the International Ship Repair Facility (ISRF) in Kochi, adding capacity to service a wider range of Indian, regional and international vessels. The move brings together CSL’s domestic shipbuilding, repair and engineering capabilities with Drydocks World’s global expertise in complex vessel repairs, conversions and offshore engineering.
The agreement was signed on the sidelines of the 18th BRICS Summit in New Delhi by Captain Rado Antolovic, CEO, Drydocks World, and Jose V J, Chairman and Managing Director, CSL, in the presence of Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, and UAE Assistant Foreign Minister for Advanced Science and Technology Omran Sharaf Alhashimi.
The partnership has the potential to create a larger maritime-services ecosystem around Kochi, spanning ship repair, engineering, fabrication and related services. For India, the strategic objective is to use its location along major international shipping routes to attract more vessels for maintenance and repair, generate skilled employment and retain a greater share of maritime-services business within the country.
The agreement follows a Memorandum of Understanding signed by the two companies during India Maritime Week 2025. Under the new arrangement, both CSL and Drydocks World will hold a 50 per cent stake in the joint venture, with the initial capital to be funded through equity contributions from the two partners.
The ISRF is strategically located along major international shipping routes and has a state-of-the-art ship-lift system and modern docking facilities capable of servicing a wide range of vessels.
The venture is also significant from an industrial-capability perspective. Drydocks World brings experience in high-end vessel repair and maintenance, major conversions and offshore engineering, procurement and construction, while CSL contributes its established domestic infrastructure, engineering capabilities and skilled workforce.
Sonowal said the partnership would strengthen India’s ship-repair ecosystem and deepen maritime cooperation between India and the UAE. He said combining India’s growing shipbuilding and repair capabilities with the UAE’s global maritime expertise would create additional capacity, skills and economic opportunities.
Vijay Kumar, Secretary, Ministry of Ports, Shipping and Waterways, said the Kochi venture could provide a replicable model for developing ship-repair and conversion hubs along India’s coastline. He highlighted the potential to attract foreign investment, generate foreign exchange and create skilled jobs by leveraging India’s proximity to major global trade routes.
For Drydocks World, the partnership provides an opportunity to build a stronger footprint in India’s expanding maritime-services market. Captain Rado Antolovic said the company’s ambition extends beyond a single facility and includes opportunities to expand ship-repair and fabrication capabilities across India.
CSL Chairman and Managing Director Jose V J said the joint venture could help accelerate turnaround times, introduce global best practices and raise quality and safety benchmarks. The company expects the initiative to support the development of a repair cluster in Kochi, attract international fleets and generate high-skilled employment.
The joint venture aligns with India’s broader maritime ambitions under Maritime India 2030 and Maritime Amrit Kaal Vision 2047. Its commercial success, however, will ultimately depend on how effectively the partners expand capacity, attract international customers, deliver competitive turnaround times and build a supporting ecosystem of specialised suppliers and skilled manpower.
The agreement marks a shift from cooperation between the two companies to a formal commercial platform aimed at scaling India’s ship-repair capabilities and strengthening Kochi’s position in the international maritime-services chain.
Focus on global shipping routes
The strategic location of the ISRF along major international shipping routes is expected to be an important advantage for the joint venture. The facility is equipped with a modern ship lift system and docking infrastructure capable of servicing a wide range of vessels.
The partnership will combine CSL’s established capabilities in shipbuilding and ship repair, engineering expertise and skilled workforce with Drydocks World’s experience in high-end vessel repair and maintenance, major conversions and offshore engineering, procurement and construction activities.
The companies will each hold a 50 per cent stake in the joint venture, with the initial capital to be funded through equity contributions from both partners.
The expansion of the facility is expected to provide additional capacity at a time when demand for ship repair and maintenance services is increasing across major international shipping routes. The joint venture also aims to bring global practices and technologies into India’s ship repair sector while developing domestic skills and capabilities.
Government sees wider potential
Sonowal described the agreement as an important milestone for India’s ship repair ecosystem and highlighted its wider significance for India-UAE maritime cooperation.
He said the combination of India’s growing shipbuilding and ship repair capabilities with the UAE’s global maritime expertise would help create new capacity, skills and economic opportunities while strengthening Kochi as a maritime services hub.
According to Sonowal, the partnership is aligned with India’s ambition to emerge as a leading maritime nation and supports the objectives of Maritime Amrit Kaal Vision 2047.
UAE Assistant Foreign Minister Omran Sharaf Alhashimi said the venture demonstrated how the longstanding economic relationship between India and the UAE could translate into industrial cooperation. He said the combination of the two countries’ complementary capabilities could strengthen India’s maritime capacity, improve ship repair services and contribute to the growth of trade and commerce.
Replicable model for India’s coastline
Vijay Kumar, Secretary, Ministry of Ports, Shipping and Waterways, said the joint venture could serve as a model for similar projects along India’s extensive coastline.
He said the venture should not be limited to Kochi and could potentially be replicated at other locations to create specialised hubs for ship repair and conversion. According to Kumar, India’s geographical position close to major international trade routes gives it an opportunity to attract foreign investment, generate foreign exchange and create skilled employment.
He also linked the initiative to the government’s broader maritime development objectives, including Maritime Amrit Kaal Vision 2047, saying the partnership reflected India’s intention to compete in the global market for maritime services.
Drydocks World eyes wider expansion
Captain Rado Antolovic said the partnership builds on the foundation created by the 2025 MoU and would combine CSL’s local expertise and workforce with Drydocks World’s global capabilities and technology.
He said the objective went beyond developing a single facility and pointed to opportunities for expanding ship repair and fabrication capabilities across India.
The partnership is therefore expected to provide Drydocks World with a stronger presence in India’s growing maritime services market, while giving CSL access to international experience in specialised vessel repair, maintenance, conversion and offshore engineering.
CSL seeks global ship repair hub status
Jose V J said the agreement represented an important step in India’s efforts to establish itself as a global ship repair hub.
According to CSL, the combination of its domestic experience with Drydocks World’s international expertise would help introduce global best practices, improve turnaround times and strengthen quality and safety standards.
The company expects the ISRF-based partnership to support the development of a wider repair cluster in Kochi, attract international fleets and create high-skilled employment.
The venture also fits into India’s longer-term maritime development objectives under Maritime India 2030 and Maritime Amrit Kaal Vision 2047.
Potential economic and employment impact
Beyond ship repair, the joint venture could have implications for a wider ecosystem of engineering, fabrication, logistics, maintenance and maritime support services. Expansion of repair capacity can generate demand for specialised suppliers and skilled technical workers, while greater participation by international vessels could create additional business opportunities for companies operating around Kochi’s maritime infrastructure.
For international shipping companies, access to repair facilities located close to major shipping routes can potentially reduce vessel downtime and improve operational efficiency. For India, expanding domestic ship repair capacity could also help retain a larger share of expenditure that Indian and foreign vessels currently incur at overseas facilities.
The venture consequently represents a broader industrial opportunity rather than merely an expansion of one ship repair facility. Its success will depend on the ability of the partners to attract international customers, maintain competitive turnaround times, deploy advanced repair technologies and develop a reliable ecosystem of skilled manpower and suppliers.
With equal ownership and initial capital contributions from both partners, Drydocks World and CSL will jointly steer the expansion and operation of the ISRF. The agreement marks a new phase in India-UAE maritime cooperation and provides a framework for combining domestic infrastructure and expertise with international maritime capabilities.