Cochin Shipyard Ltd. (CSL) and UAE-based Drydocks World, a DP World company, on Friday (September 11, 2026) signed a joint venture agreement to operate and expand the International Ship Repair Facility (ISRF) at Cochin, in a move aimed at strengthening India’s ship repair capabilities and positioning the country as a global maritime services hub.Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and UAE Assistant Foreign Minister for Advanced Science and Technology Omran Sharaf Alhashimi witnessed the signing on the sidelines of the BRICS Summit here.The 50:50 joint venture agreement was signed by Drydocks World CEO Rado Antolovic and CSL chairman and managing director Jose V.J.The statement issued by the Ministry reads that under the partnership, the two companies will operate, consolidate and expand the ISRF, creating additional capacity to service a wider range of vessels and cater to the growing requirements of Indian, regional and international customers.The agreement follows a memorandum of understanding (MoU) signed between the two companies during India Maritime Week 2025 to explore cooperation in ship repair and allied maritime services. The companies described the new venture as a first-of-its-kind public-private partnership in India’s ship repair sector.“The partnership between Cochin Shipyard and Drydocks World marks an important milestone in strengthening India’s ship repair ecosystem and reflects the enduring maritime relationship between India and the UAE,” Mr. Sonowal said.He said the collaboration would combine India’s growing shipbuilding and repair capabilities with the UAE’s global maritime expertise and create new capacity, skills and economic opportunities.The partnership is expected to strengthen Cochin’s position as a maritime services hub and generate opportunities in ship repair, engineering, fabrication and allied services in Kerala.Mr. Antolovic said the venture would combine CSL’s local expertise and skilled workforce with Drydocks World’s global capabilities and technology. He said the company saw opportunities to expand ship repair and fabrication capabilities beyond the Cochin facility.Strategically located along major international shipping routes, the ISRF has a ship lift system and modern docking facilities capable of servicing a wide range of vessels.Both companies will hold an equal 50% stake in the joint venture, with the initial capital to be funded through equity contributions from the two partners. Published - September 11, 2026 11:32 pm IST