Cochin Shipyard Ltd. has approved a proposal to establish a 50:50 joint venture with Drydocks World Dubai, a subsidiary of DP World. This joint venture will operate and manage the International Ship Repair Facility (ISRF) located at Willingdon Island in Kochi. The facility will be transferred to the proposed joint venture for a minimum consideration of ₹1,800 crore.

The ISRF spans approximately 30 hectares and features a 6,000-tonne ship lift and transfer system, six workstations, and around 1,400 metres of berthing space. The facility can accommodate vessels up to 130 metres long and up to 6,000 tonnes, with an annual capacity of up to 82 ships.

The joint venture plans to add 10 more workstations and is expected to bring advanced technology and global ship repair practices to the facility. The partnership is aimed at improving repair efficiency and turnaround times while strengthening India’s capacity for complex and high-value ship repair projects.