State-run Cochin Shipyard (CSL) will partner with Dubai government-owned Drydocks World, a unit of DP World, to establish India’s first ship repair cluster at the International Ship Repair Facility (ISRF) in Cochin, Kerala.

The equal 50:50 joint venture, formalized through an ‘Agreement of Heads of Terms’ during India Maritime Week 2025 in Mumbai, is designed to operate outside government control for greater efficiency. According to the Ministry of Ports, Shipping and Waterways, this structure prevents classification as a public sector undertaking (PSU) under Section 2(45) of the Companies Act, 2013, which mandates a minimum 51 percent government ownership for PSU status.

The JV follows the Petronet LNG model, where four Maharatna PSUs collectively hold only 50 percent to maintain private operational flexibility. The venture is expected to enhance India’s maritime infrastructure and boost Cochin’s position as a regional ship repair hub.