Cochin Shipyard signs MOU with Drydocks World, a DP World company

Drydocks World, a DP World company and a leading service provider for the maritime and offshore oil and gas, and renewable energy industries globally, has signed a Memorandum of Understanding (MOU) with Cochin Shipyard Limited (CSL), driven by the Ministry of Ports, Shipping and Waterways, Government of India to enable development of Ship repair clusters, synergizing mutual strengths. This is expected to bring global best practices to the Ship repair ecosystem in the country and add significant capacities. The MOU also provides for cooperation in potential offshore fabrication opportunities engaging other entities like major ports. This collaboration will explore opportunities to develop ship repair clusters along India's coastline leveraging the expertise of both organisations.

The MOU was signed in the presence of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, Shri Piyush Goyal, Honourable Minister of Commerce and Industry, Government of India, His Excellency Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, Shri Madhu S Nair, Chairman & Managing Director, Cochin Shipyard Limited and other dignitaries at the CEO-Connect: Dubai-India Economic Ties & Opportunities event in Mumbai.

By fostering cooperation between Cochin Shipyard Limited and Drydocks World, the partnership will play a crucial role in modernizing India's maritime infrastructure, expanding the ship repair industry and generating new employment opportunities. Aligned with the Government of India's Maritime India Vision 2030 and Maritime AmritKaal Vision 2047, the companies will jointly evaluate opportunities for:

- Developing Ship Repair Clusters in Kochi (Kerala) and Vadinar (Gujarat) to create worldclass maintenance and repair facilities.

- Engaging with government entities such as major ports to enhance ship repair and offshore fabrication capabilities.

- Expanding collaboration into related areas such as offshore fabrication, marine engineering, and strategic infrastructure projects.

This partnership is expected to contribute significantly to the growth of India's maritime sector positioning the country as a global leader. By combining the technical expertise and industry experience of Drydocks World and Cochin Shipyard Limited, the collaboration will further strengthen India's position as a hub for maritime engineering and self-reliance under the 'Atmanirbhar Bharat' initiative.

Source : Equity Bulls

Keywords

CochinShipyard CSL MOU DrydocksWorld DPWorldCompany ShipRepair