Cochin Shipyard surges to ₹1,534 after the board approved a 50:50 JV with Drydocks World Dubai for its Kochi ship repair facility.

The venture will take over the International Ship Repair Facility, or ISRF, at Willingdon Island. Cochin Shipyard and Drydocks World, part of the DP World group, will each own half of the new company, which is being set up as a private limited entity registered in Kochi.

The numbers behind the deal are sizeable. The ISRF moves to the JV on a slump sale basis for at least ₹1,800 crore, a figure set by an independent third party valuation. Cochin Shipyard collects half of that in cash and the rest in shares of the new venture.

Control on the board won’t be split down the middle, though. Drydocks World gets to appoint three of the five directors, plus key leadership roles including the CEO, CFO and COO. Cochin Shipyard nominates the other two directors.

The facility being handed over is substantial in its own right. Built across 30 hectares of leased port land, it can service vessels up to 130 metres long and 6,000 tonnes, working on six ships at a time with capacity for up to 82 a year.

It went commercial in August 2024 and pulled in ₹207.33 crore in revenue in FY26, close to 4.81% of Cochin Shipyard’s total revenue from operations. Under the new setup, ten more workstations are planned to boost capacity further.

The joint venture agreement is due to be signed on September 11, though the deal still needs clearance from the Cochin Port Authority, the shipping ministry, DIPAM and Cochin Shipyard’s shareholders before it can move forward.

At 12:50 pm on Wednesday, the stock was at ₹1,527.40 on the NSE, down 0.05% on the day despite hitting its intraday high earlier in the session.

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