The agreement was signed by Captain Rado Antolovic, CEO of DDW, and Jose V J, Chairman and Managing Director and Director (Finance) of Cochin Shipyard, on the sidelines of the BRICS Summit 2026 in New Delhi.
The signing took place in the presence of Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways, and Omran Sharaf Alhashimi, UAE Assistant Foreign Minister for Advanced Science and Technology.
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This week, Cochin Shipyard Ltd had approved a proposal to form a 50:50 joint venture with Drydocks World – Dubai FZCO (DDW) to operate and manage its International Ship Repair Facility (ISRF) at Willingdon Island in Kochi.
Under the proposed transaction, the ISRF will be transferred to the joint venture company on a slump sale basis for a consideration of not less than ₹1,800 crore, according to the company’s exchange filing. Cochin Shipyard will receive 50% of the consideration in cash, with the remaining 50% paid through shares of the JV company.
The proposed JV will be incorporated as a private limited company under the Companies Act, 2013, with its registered office in Kochi. It will own, operate and manage the ISRF for dry-docking, maintenance, repair and overhaul of commercial and naval vessels of up to 130 metres in length and 6,000 tonnes in weight. The JV also plans to augment the facility by adding 10 workstations.
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The ISRF, spread across around 30 hectares at Willingdon Island, has been developed on land and water areas leased from the Cochin Port Authority for 60 years. The facility was constructed at a cost of ₹970 crore and has a 6,000-tonne ship lift and transfer system, six workstations and around 1,400 metres of berthing space.
The facility can handle up to six vessels simultaneously and has an annual throughput capacity of up to 82 ships. It was inaugurated in January 2024 and began commercial operations in August 2024.
For financial year 2026, the ISRF generated revenue of ₹207.33 crore, and accounted for around 4.81% of Cochin Shipyard’s total revenue from operations. Its value, based on third-party independent valuations, stands at ₹1,800 crore, equivalent to around 30.55% of Cochin Shipyard’s net worth as of March 31, 2026.
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Cochin Shipyard and DDW will each hold 50% of the JV’s share capital. However, DDW will have the right to nominate three of the five directors on the JV’s board, while Cochin Shipyard will nominate two directors. DDW will also be entitled to nominate senior management personnel, including the CEO, CFO and COO, as applicable.
Shares of Cochin Shipyard Ltd ended at ₹1,381.50, down by ₹143.35, or 9.40%, on the BSE.
