New Delhi: In a major development for India’s maritime sector, Drydocks World, a DP World company, and Cochin Shipyard Limited (CSL) have signed a Joint Venture Agreement to operate, consolidate and expand the International Ship Repair Facility (ISRF) in Kochi, Kerala.
The agreement was signed by Captain Rado Antolovic, PhD, CEO, Drydocks World, and Jose V J, Chairman and Managing Director of Cochin Shipyard Ltd., on the sidelines of the BRICS Summit 2026 in New Delhi. The signing ceremony was attended by Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, and H.E. Omran Sharaf Alhashimi, UAE Assistant Foreign Minister for Advanced Science and Technology.
The partnership formalises the cooperation initiated through an MoU signed during India Maritime Week 2025. Under the new arrangement, CSL and Drydocks World will each hold a 50% stake in the joint venture, with the initial capital to be funded through equity contributions from both companies.
The JV will expand the capacity of the ISRF in Kochi, enabling it to handle a wider range of vessels and serve the growing requirements of Indian, regional and international customers. The initiative is expected to strengthen Kochi’s position as a major maritime services hub and create new opportunities in ship repair, engineering, fabrication and allied maritime activities.
Union Minister Sarbananda Sonowal described the partnership as an important milestone for India’s ship repair ecosystem and highlighted its role in strengthening the enduring maritime relationship between India and the UAE. He said the collaboration would combine India’s expanding shipbuilding and ship repair capabilities with the UAE’s global maritime expertise, creating new capacity, skills and economic opportunities.
Vijay Kumar, Secretary, Ministry of Ports, Shipping & Waterways, said the joint venture could serve as a replicable model for other locations along India’s extensive coastline. He highlighted its potential to attract foreign investment, generate foreign exchange and create thousands of skilled jobs while supporting the objectives of Maritime Amrit Kaal Vision 2047.
UAE Assistant Foreign Minister Omran Sharaf Alhashimi said the venture demonstrates how the longstanding India-UAE relationship can translate into tangible industrial outcomes. He emphasised that combining India’s growing maritime potential with the UAE’s global experience could improve ship repair services, strengthen maritime connectivity and support bilateral trade and commerce.
Drydocks World CEO Captain Rado Antolovic said the partnership would combine CSL’s local expertise and skilled workforce with Drydocks World’s global capabilities and technology to create a world-class ship repair offering. He added that the companies see opportunities to expand ship repair and fabrication capabilities beyond a single facility.
Jose V J, CMD of Cochin Shipyard Ltd., said the partnership represents a significant step towards establishing India as a global ship repair hub. He highlighted the potential to bring global best practices, improve turnaround times, strengthen quality and safety standards, attract international fleets and generate high-skilled employment.
The collaboration brings together CSL’s shipbuilding and repair capabilities, engineering expertise and skilled workforce with Drydocks World’s international experience in high-end vessel repair and maintenance, major conversions and offshore engineering, procurement and construction (EPC).
Strategically located along major international shipping routes, the International Ship Repair Facility at Kochi is equipped with a state-of-the-art ship lift system and modern docking infrastructure capable of servicing a broad range of vessels.
The joint venture is expected to give further momentum to India’s ambition of becoming a global maritime services and ship repair destination, while deepening industrial and strategic maritime cooperation between India and the UAE.