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Informist, Wednesday, Sept. 9, 2026

--Cochin Shipyard, Drydocks World Dubai to form JV to manage ship repair unit

--Cochin Shipyard to transfer ship repair facility to JV with Drydocks World

--Cochin Shipyard to sell ship repair facility for not less than INR 18 bln 

NEW DELHI – Cochin Shipyard Ltd. Wednesday approved plans to form a joint venture with Drydocks World Dubai - Free Zone Co. to operate the International Ship Repair Facility at Willingdon island, Kochi. As per the proposal, the facility will be transferred to the joint venture company on a slump sale basis as a going concern for a consideration of not less than INR 18 billion. Cochin Shipyard will receive 50% cash and 50% in shares of the joint venture after the slump sale, the company said in an exchange filing.

The joint venture will be formed as a private limited company, with its registered office at Kochi and is not proposed to be listed on any stock exchange. It will undertake dry-docking, maintenance, repair, and overhaul of sub-130-metre length commercial and naval vessels that are under 6,000 tonnes in weight. The joint venture will also add 10 workstations to upgrade the capacity of the facility, the company said.

Cochin Shipyard and Drydocks World will be equal partners in the joint venture, holding 50% shares each, and will be managed by five directors on the board. Drydocks World is entitled to nominate three directors and the chief executive officer, chief financial officer, and chief operating officer, while Cochin Shipyard will nominate two directors.

"It is also expected to augment ship repair capacity in the country, strengthen the domestic ship repair infrastructure and enhance India's capability to undertake complex and high-value ship repair projects," the company said. Currently, the proposal requires the approval from Cochin Port Authority, Department of Investment and Public Asset Management, and Cochin Shipyard shareholders. The company said it is in the process of approaching the relevant authorities to get the necessary approvals.

Cochin Shipyard had reported net profit of INR 1.36 billion on revenue of INR 9.10 billion for the June quarter. At 1311 IST, its shares traded flat at INR 1,527.70 apiece on the National Stock Exchange.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Pratyush Kumar

Edited by Shubhayan Bhattacharya

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