India’s Foreign Secretary Vikram Misri has described Mazagon Dock Shipbuilders Limited’s acquisition of a 51% controlling stake in Colombo Dockyard PLC as a “significant development” that represents investment in a highly strategic sector.
Speaking on the development, Misri said the deal highlights growing India-Sri Lanka cooperation in maritime and industrial sectors.
Mazagon Dock Shipbuilders Limited (MDL), India’s state-owned defence shipbuilder under the Ministry of Defence, recently announced the completion of its acquisition of a controlling stake in Colombo Dockyard PLC for a total investment of USD 26.8 million.
Following the transaction, Colombo Dockyard has officially become a subsidiary of MDL, marking the Indian company’s first international acquisition.
MDL said the move aligns with India’s Maritime Amrit Kaal Vision 2047 and is expected to strengthen maritime links between India and Sri Lanka.
The board of Colombo Dockyard has also been reconstituted under MDL leadership, while the company said it is targeting a 20% growth in revenue and profits during the current financial year through new orders and operational improvements.
Colombo Dockyard is Sri Lanka’s largest shipyard and a key player in the country’s maritime industry. (Newswire)