Cochin Shipyard forms JV with Drydocks for ship repair facility
Cochin Shipyard Ltd (CSL) is set to form a 50:50 joint venture (JV) with DP World’s subsidiary, Drydocks World–Dubai FZCO (DDW), for the International Ship Repair Facility (ISRF) at Willingdon Island in Kochi.
As part of the proposed JV, CSL will transfer the ISRF to the joint venture on a slump-sale basis as a going concern for a consideration of not less than Rs 1,800 crore.
The JV will own, operate and manage the ISRF, which is spread across 30 hectares. The facility is equipped to undertake dry-docking, maintenance, repair and overhaul (MRO) of commercial and naval vessels of up to 130 metres in length and 6,000 tonnes in weight.
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