New Delhi: Cochin Shipyard and Dubai-based Drydocks World, a subsidiary of DP World, are set to establish India’s first ship repair cluster at the International Ship Repair Facility in Cochin, Kerala. The collaboration will take shape as a 50:50 joint venture, designed to operate independently of public sector controls for greater flexibility and operational efficiency.
The two companies signed an ‘Agreement of Heads of Terms’ on 29 October 2025 during India Maritime Week in Mumbai. While details of the venture were not officially disclosed, officials confirmed that the partnership is being structured as an equal joint venture to keep it outside the ambit of government control.
“It is a joint venture,” said Rado Antalovic, Chief Executive Officer of Drydocks World, after signing the agreement. “By bringing together Drydocks World’s international expertise and Cochin Shipyard’s deep local experience, we are developing an advanced ship repair ecosystem built on efficiency, sustainability, and innovation. Together, we aim to make Cochin the region’s preferred destination for ship repair and maritime services, supporting India’s ambition to become a leading global maritime hub.”
A senior official from the Ministry of Ports, Shipping and Waterways noted that the JV will function as a private sector company, similar in model to Petronet LNG, which was set up by four public sector oil and gas companies but kept outside direct government control through equal shareholding.
“Ship repairs cannot be run as a government company by following all the rules and regulations on tendering, etc. Timely completion of work is a big factor in ship repairs, and a government setup is not suitable for that. It also needs the right partners who have the passion to do it,” said a ship repair industry source.
Cochin Shipyard has invested nearly ₹1,000 crore in developing the International Ship Repair Facility, which spans 8.12 hectares of land leased from the Cochin Port Authority at Willingdon Island. The facility includes a 6,000-tonne modern ship lift and transfer system capable of handling vessels up to 130 x 25 metres, a 1,350-metre wet berth, and a maritime park with supporting infrastructure. Operations began in August 2024.
Madhu Nair, Chairman and Managing Director of Cochin Shipyard, said that the collaboration brings together two leading maritime organisations with a shared goal of raising industry standards. “Leveraging our complementary strengths, we aim to elevate India’s ship repair and maintenance standards to global benchmarks and position Cochin as a centre of excellence serving regional and international fleets,” Nair said.
The Cochin facility is central to the government’s Maritime India Vision 2030, which identifies the city as the ideal location for the country’s first ship repair cluster due to its strategic position along international sea routes and an already thriving ship repair ecosystem.
India’s ship repair and maintenance market is expected to grow at a rate of 8–10 per cent annually over the next decade. The country currently operates a fleet of over 1,500 Indian-owned commercial vessels, but around 30 per cent of repair work is still being carried out at overseas facilities due to limited domestic infrastructure.
Industry experts believe the Cochin Shipyard–Drydocks World partnership could change that scenario. “Just wait and watch, within five years, the collaboration between Cochin Shipyard and Drydocks World will shake up ship repairs in India,” said an industry source.
BI Bureau
