Mazagon Dock's Global Leap: Acquiring Colombo Dockyard

Mazagon Dock Shipbuilders Limited (MDL) announces its first international venture by acquiring a controlling stake in Sri Lanka's Colombo Dockyard PLC for up to USD 52.96 million. The deal marks MDL's strategic expansion into the Indian Ocean Region, aiming to transform it into a global shipbuilding enterprise.

Mazagon Dock Shipbuilders Limited (MDL), India's leading public sector shipyard, has announced a landmark international venture with the acquisition of a controlling stake in Colombo Dockyard PLC (CDPLC) in Sri Lanka. The deal, amounting to up to USD 52.96 million, signifies MDL's intention to expand beyond domestic waters and transform itself into a global maritime player.

Colombo Dockyard, strategically located in the Port of Colombo, provides MDL with a crucial operational presence in the geopolitically significant Indian Ocean Region. As Sri Lanka's most established shipyard, CDPLC offers a wide array of services and a strong regional presence, bolstering MDL's capabilities.

This acquisition comes amid China's growing assertiveness in the Indian Ocean, further emphasizing the strategic importance of this move. Equipped with four drydocks and the ability to handle vessels up to 125,000 DWT, CDPLC is poised for substantial growth with MDL's support in technology and access to Indian markets.

(With inputs from agencies.)