Latest news with #MazagonDock
Al Arabiya
7 hours ago
- Business
- Al Arabiya
India's Mazagon Dock Shipbuilders to buy controlling stake in Colombo Shipyard
Indian state-owned Mazagon Dock Shipbuilders said it would buy a controlling stake in Sri Lankan peer Colombo Dockyard in a deal not exceeding $52.96 million to grow its shipbuilding and repair business. The transaction, involving the acquisition of at least 51 percent equity in Colombo Dockyard, will close within six months, after which the Sri Lankan shipbuilder will become a part of Mazagon Dock Shipbuilders, according to a regulatory filing on Friday. Colombo Dockyard was not immediately available for comment outside business hours. Mazagon Dock Shipbuilders also builds warships and submarines, and the deal is seen giving India a strategic foothold in the Indian Ocean island nation where New Delhi and Beijing have been jostling for influence for years. For 2024, Colombo Dockyard's turnover was 25.45 billion Sri Lankan rupees ($84.89 million), according to the filing, while Mazagon Dock Shipbuilders' revenue for the year ended March 2025 was 114.32 billion Indian rupees ($1.34 billion).
Reuters
8 hours ago
- Business
- Reuters
India's Mazagon Dock Shipbuilders to buy controlling stake in Colombo Shipyard
June 28 (Reuters) - Indian state-owned Mazagon Dock Shipbuilders ( opens new tab said it would buy a controlling stake in Sri Lankan peer Colombo Dockyard ( opens new tab in a deal not exceeding $52.96 million to grow its shipbuilding and repair business. The transaction, involving the acquisition of at least 51% equity in Colombo Dockyard, will close within six months, after which the Sri Lankan shipbuilder will become a part of Mazagon Dock Shipbuilders, according to a regulatory filing on Friday. Colombo Dockyard was not immediately available for comment outside business hours. Mazagon Dock Shipbuilders also builds warships and submarines, and the deal is seen giving India a strategic foothold in the Indian Ocean island nation where New Delhi and Beijing have been jostling for influence for years. For 2024, Colombo Dockyard's turnover was 25.45 billion Sri Lankan rupees ($84.89 million), according to the filing, while Mazagon Dock Shipbuilders' revenue for the year ended March 2025 was 114.32 billion Indian rupees ($1.34 billion). ($1 = 299.8000 Sri Lankan rupees) ($1 = 85.4400 Indian rupees)
New Indian Express
21 hours ago
- Business
- New Indian Express
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.
Time of India
a day ago
- Business
- Time of India
Mazagon Dock Acquires 51% Stake in Sri Lanka's Colombo Dockyard for ₹452 Crore, ET Infra
Advt Advt By , ETInfra Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. State-owned Mazagon Dock Shipbuilders Ltd, India's biggest warship builder, has acquired a controlling 51 per cent stake in Colombo Dockyard PLC, in an all-cash deal for about ₹452 crore, the Mumbai-listed shipbuilder announced on is the first instance of an Indian shipyard, both state-owned and private, acquiring a shipyard deal will also give Mazagon Dock access to a full-fledged engineering workshop that Colombo Dockyard is building at Hambantota International Port owned by Hambantota International Port Group (Private) Ltd, a unit of China's state-owned China Merchants Ports Group. It will extend the service footprint of Colombo Dockyard to the southernmost tip of Sri workshop strengthens the service availability and speed of service to the clients, improving economics for the end located on one of the world's busiest maritime routes, Hambantota deep-water port allows Colombo Dockyard to offer afloat repair services to a multitude of vessels calling for transhipment, bunkering and other Dockyard is setting up the workshop at Hambantota International Port through Dockyard General Engineering Services, a fully owned subsidiary. The foundation stone for the engineering workshop was laid in August last acquisition of Colombo Dockyard was done through a combination of primary subscription and secondary acquisitions from the shareholders of Colombo Dockyard, including Onomichi Dockyard Co Ltd, a majority Dockyard, located in the Port of Colombo and listed on the Colombo Stock Exchange , undertakes shipbuilding and ship Dock, Colombo Dockyard and Onomichi Dockyard have signed definitive documents setting out the terms and conditions of the deal, which will make Colombo Dockyard a subsidiary of Mazagon acquisition will strengthen its position in the shipbuilding and repair industry by unlocking operational synergies, enhancing research development capabilities and expanding market reach, Mazagon Dock said.'It supports the company's long-term growth vision in the shipbuilding and repair industry,' the company acquisition is expected to be completed within four to six months, subject to fulfilment of customary closing conditions set out in the definitive documents, including receipt of statutory and regulatory Dockyard is Sri Lanka's top shipbuilding, ship repair, heavy engineering and offshore engineering facility, operating four graving dry docks with a maximum capacity of 125,000 deadweight tonnes (DWT).Mazagon Dock's purchase of Colombo Dockyard is similar to the strategy followed by India while nominating Adani Ports and Special Economic Zone Ltd, India's biggest private port operator, to construct a container terminal in Colombo Port, one of the busiest container transhipment ports in the region.
Business Upturn
a day ago
- Business
- Business Upturn
Mazagon Dock to acquire majority stake in Colombo Dockyard for Rs 452 crore
Mazagon Dock Shipbuilders has announced plans to acquire a controlling and substantial stake in Colombo Dockyard PLC (CDPLC), a listed company on the Colombo Stock Exchange in Sri Lanka. The investment, capped at USD 52.96 million (approx. ₹452 crore), will be made through a mix of primary and secondary share purchases. The transaction involves acquiring a minimum 51% stake, including shares held by the current majority shareholder, Onomichi Dockyard Co. Ltd., and will make CDPLC a subsidiary of Mazagon Dock. The deal has already seen the signing of definitive agreements between Mazagon Dock, CDPLC, and Onomichi. Completion of the acquisition is subject to regulatory approvals, including clearance from the Colombo Stock Exchange, and is expected to close in 4 to 6 months. Colombo Dockyard, incorporated in 1974, is a major player in shipbuilding and ship repair in Sri Lanka. In FY24, it reported a consolidated turnover of LKR 25,447 million. Mazagon Dock expects the acquisition to boost its capabilities and reach in the global shipbuilding sector by unlocking synergies, enhancing R&D, and supporting long-term growth in core operations. In the meantime, Mazagon Dock shares traded in a narrow range today. The stock opened at ₹3,137.00, touched a high of ₹3,175.20, and a low of ₹3,094.00 during the session. The 52-week high for the stock stands at ₹3,775.00, while the 52-week low is ₹1,918.05. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
