Mazagon Docks to buy 51% of Colombo Dockyard for Rs 452 crore
Mazagon Dock Shipbuilders (MDL) has agreed to acquire a controlling 51% stake in Sri Lanka's largest and most established shipyard Colombo Dockyard for a consideration of Rs 452 crore, the city-based state-run shipbuilder said.
"Mazagon Dock has announced a significant step in its strategic evolution with the approval of a proposed acquisition of a controlling 51% stake in Sri Lanka's largest and most established shipyard Colombo Dockyard PLC. The investment, valued at up to $52.96 million, will be carried out through a combination of primary infusion and secondary share purchase, including the acquisition of shares from the Japanese owner Onomichi Dockyard Co, the current majority shareholder," MDL said in a statement Friday.
This marks MDL's first international foray and is a major milestone in the company's transformation from a purely domestic shipbuilder into a regional maritime player with global aspirations, the statement added.
Strategically located within the Port of Colombo, Colombo Dockyard offers MDL a strong operational foothold in the Indian Ocean region--one of the busiest and most geopolitically significant maritime corridors in the world.
Mazagon Dock has its facilities in the eastern sea front in south Mumbai builds frontline warships and submarines and has played a pivotal role in the Navy's modernization drive.
The publicly traded Colombo Dockyard is the flagship of Sri Lanka's maritime industry and serves a wide spectrum of commercial and governmental clients across Asia, the Middle East, and Africa.
Upon the deal completion, subject to customary regulatory approvals and closing conditions, the Colombo Dockyard will become a subsidiary of MDL.
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