Latest news with #MazagonDockShipbuildersLimited
Time of India
9 hours ago
- Business
- Time of India
Mazagon Dock's Lanka deal to give India big foothold in region
NEW DELHI: In a major development, Mumbai-based defence shipyard Mazagon Dock Shipbuilders Limited is poised to acquire a controlling stake in Sri Lanka's largest shipyard, Colombo Dockyard PLC (CDPLC), in a deal worth almost $53 million. The move marks the first international acquisition by India's largest shipyard that builds submarines, warships and other vessels, and will provide it with a 'strategic foothold' in the Indian Ocean Region (IOR). China, of course, has made deep strategic inroads into Sri Lanka. Chinese Navy's expanding presence in IOR, along with its hunt for additional logistical hubs in the region, has emerged as a major security challenge for India. The $53 million investment will be carried out through a combination of primary infusion and secondary share purchases, including the acquisition of shares from Onomichi Dockyard Co Ltd, the current majority shareholder. Lanka deal to herald our emergence as global player: MDL Upon completion, subject to customary regulatory approvals and closing conditions, Colombo Dockyard PLC (CDPLC) will become a subsidiary of Mazagon Dock Shipbuilders Limited (MDL). Mazagon Dock chairman and managing director Capt Jagmohan told TOI that the proposed acquisition of a controlling stake in CDPLC, which has been approved, is a "gateway" towards achieving the shipyard's ambition of transforming into a regional maritime player first and then into a global shipbuilding enterprise. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Gorgeous Women, Ranked BigGlobalTravel Undo "With CDPLC's strategic location at Colombo port, proven capabilities, and strong regional presence, this step will position MDL as a key player in South Asia and lay the foundation for our emergence as a global shipyard," Capt Jagmohan said. CDPLC has more than five decades of experience in shipbuilding, ship repair and heavy engineering. "It has a track record of delivering complex offshore support vessels, cable-laying ships, tankers and patrol boats for clients across Japan, Norway, France, the UAE, India and several African nations," another MDL official said. CDPLC is currently pursuing a pipeline of orders over $300 million, which includes cable-laying ships, multi-purpose utility ships and newbuild fleet support vessels. "With MDL's support, particularly in technology sharing, access to Indian supply chains, and entry into Indian and allied maritime markets, CDPLC is well positioned for a financial turnaround and long-term growth," the official said. MDL, on its part, continues to do well in India. In partnership with German company ThyssenKrupp Marine Systems (TKMS), MDL is on course to bag the mega project to build six new stealth diesel-electric submarines for the Navy. The initial cost of these submarines, with both land-attack cruise missiles and air-independent propulsion (AIP) for greater underwater endurance, was estimated to be around Rs 43,000 crore when it got the 'acceptance of necessity (AoN)' by the defence ministry several years ago. It will now be around Rs 70,000 crore, as reported earlier by TOI. Another major contract for MDL in the pipeline is the proposed construction of another three French-origin Scorpene submarines with AIP at a cost of around Rs 38,000 crore. These three new submarines, if approved, will add to the six Scorpene or Kalvari-class submarines already built at MDL for over Rs 23,000 crore.
Time of India
17 hours ago
- Business
- Time of India
Mazagon Dock to acquire controlling stake in Sri Lanka's Colombo Dockyard
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Mazagon Dock Shipbuilders Limited (MDL), India's Public Sector Shipyard, has announced a "proposed acquisition " of a controlling stake in Sri Lanka's largest and most established shipyard, Colombo Dockyard PLC (CDPLC) valued at up to USD 52.96 million, a statement said on marks MDL's first international venture 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 located within the Port of Colombo, CDPLC offers MDL a strong operational foothold in the Indian Ocean Region-one of the busiest and most geopolitically significant maritime corridors in the Dock Shipbuilders Limited, headquartered in Mumbai, is India's leading defence PSU, builder of frontline warships and submarines and has played a pivotal role in the country's naval Dockyard PLC, listed on the Colombo Stock Exchange, 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."Mazagon Dock Shipbuilders Limited (MDL), India's Public Sector Shipyard, has announced a significant step in its strategic evolution with the approval of a proposed acquisition of a controlling stake in Sri Lanka's largest and most established shipyard, Colombo Dockyard PLC (CDPLC)."The investment, valued at up to USD 52.96 million, will be carried out through a combination of primary infusion and secondary share purchase, including the acquisition of shares from Onomichi Dockyard Co. Ltd., the current majority shareholder," the statement completion, subject to customary regulatory approvals and closing conditions, CDPLC will become a subsidiary of move assumes significance amid the increasing assertiveness of Chinese in the Indian Ocean region and its presence in India's neighbourhood."This is not just an acquisition - it is a gateway. It marks our first international foray and reflects our ambition to transform into a global shipbuilding enterprise. With CDPLC's strategic location, proven capabilities, and strong regional presence, this step will position MDL as a key player in South Asia and lay the foundation for our emergence as a global shipyard," said Capt Jagmohan, Chairman and Managing Director of Dockyard PLC brings to MDL more than five decades of experience in shipbuilding, ship repair, and heavy engineering. The company has a track record of delivering complex offshore support vessels, cable-laying ships, tankers, and patrol boats for clients across Japan, Norway, France, the UAE, India, and several African nations. It is the only shipyard in Sri Lanka offering an integrated portfolio of services-ranging from in-house design and construction to advanced repair and marine steel fabrication, it operates four drydocks and multiple berths capable of handling vessels up to 125,000 DWT and maintains compliance with ISO and classification standards such as DNV, Lloyd's Register, ABS, and addition to its technical strengths, CDPLC is actively pursuing a pipeline of orders exceeding USD 300 million, which includes cable laying ships, multi-purpose utility ships, and newbuild fleet support MDL's support-particularly in technology sharing, access to Indian supply chains, and entry into Indian and allied maritime markets-CDPLC is well positioned for financial turnaround and long-term growth, the statement acquisition envisages India's emergence as a leading maritime power with strong regional integration and industrial capabilities. It also supports MDL's broader vision to foster maritime self-reliance, promote regional cooperation, and create a competitive, multi-location shipbuilding enterprise anchored in Indian expertise, the statement said.
Mint
17 hours ago
- Business
- Mint
Mazagon Dock makes first global push, picks majority stake in Colombo Dockyard for $53 million. Details here
In its first-ever international acquisition, Mazagon Dock Shipbuilders Limited (MDL) on Friday announced that it has decided to acquire a controlling stake in Colombo Dockyard PLC (CDPLC), which is Sri Lanka's largest shipbuilding and repair facility. The deal, valued at around $52.96 million, aligns with Maritime Amrit Kaal Vision 2047, which aims to strengthen India's maritime industry. MDL is set to acquire a controlling stake in Colombo Dockyard PLC, Sri Lanka's largest shipyard, in a deal worth up to $52.96 million, marking MDL's first international acquisition, the company said on X (formerly Twitter). The acquired company is located in the Port of Colombo, giving MDL a strategic foothold in the Indian Ocean Region, which is a key maritime corridor. With this deal, MDL begins its transformation from a domestic shipbuilder to a regional maritime player with global ambitions. Aligned with Maritime Amrit Kaal Vision 2047, this move strengthens India's regional maritime influence and expands MDL's global reach, the company said in the official notice. Mazagon Dock is a defence public-sector unit (PSU) and is officially known as Mazagon Dock Shipbuilders Limited. The company specialises in building and repairing warships, submarines, and a wide range of other vessels for the Indian Navy and other clients. The company is India's foremost defence shipyard and a public sector undertaking under the Ministry of Defence. Defence stocks have been in the news lately, as the government is focusing heavily on localisation, increased capital expenditure in the sector, and the 'Make-in-India' initiative, which is driving growth for industrial PSUs.
Time of India
19 hours ago
- Business
- Time of India
Mazagon Dock marks first foreign acquisition with $53 million Colombo Dockyard deal
In its first-ever international acquisition , Mazagon Dock Shipbuilders Limited (MDL) announced on Friday that it will acquire a controlling stake in Colombo Dockyard PLC (CDPLC), Sri Lanka's largest shipbuilding and repair facility , in a deal valued at up to $52.96 million. Located within the Port of Colombo—one of the busiest transshipment hubs in the Indian Ocean Region—CDPLC provides MDL with a strategic foothold in a critical maritime corridor, India's leading defence shipyard said in the announcement. "With this, MDL begins its transformation from a domestic shipbuilder to a regional maritime player with global ambitions. Aligned with Maritime Amrit Kaal Vision 2047 , this move strengthens India's regional maritime influence and expands MDL's global reach," MDL said. Economic Times WhatsApp channel )
Time of India
26-05-2025
- Business
- Time of India
Operation Sindoor: Rajnath Singh lauds defence industry's role in making platforms that proved military preparedness
Defence Minister Rajnath Singh on Monday commended the role of the entire defence industry, including DPSUs , in developing platforms and technologies that demonstrated the preparedness of the Indian armed forces during Operation Sindoor . Heads of eight major DPSUs, including Hindustan Aeronautics Limited , Mazagon Dock Shipbuilders Limited and Bharat Electronics Limited , "presented the cheques for interim dividend on equity shares held by the government for Rs 2,138 crore for the financial year 2024-25", the defence ministry said. Singh received the first interim dividend cheque of Rs 1,197.75 crore for financial year 2024-25 from CMD, Hindustan Aeronautics Limited, D K Sunil in New Delhi. Secretary (Defence Production) in the ministry, Sanjeev Kumar was also present on the occasion. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Crossout 2.0: Supercharged Crossout Play Now Undo Singh held a review meeting with CMDs of the eight Defence Public Sector Undertakings (DPSUs) at South Block here. He commended the role of the entire defence industry, including DPSUs, in developing platforms and technologies that "demonstrated the preparedness of the Indian armed forces during Operation Sindoor", the ministry said in a statement. Live Events The defence minister emphasised that the government, led by Prime Minister Narendra Modi, remains committed to strengthening the defence industrial base and enhancing the competitiveness of the DPSUs. In view of the prevailing geopolitical scenario and the recent developments, Singh directed the DPSUs to enhance their production on latest technologies with more focus on research and development in the emerging fields of modern warfare. During the meeting, the secretary (defence production) presented the growth statistics of the DPSUs highlighting their steadfast performance. "The value of production is poised to be more than Rs 1,40,000 crore for financial year 2024-25, out of which around 78 per cent would be contributed by DPSUs," it said. Singh appreciated the increase in the value of production by DPSUs, however, he exhorted them to focus on timely delivery of products to the armed forces as well as their other customers. He emphasised the role of DPSUs in increasing exports and directed them to increase their focus on better marketing of their products. The defence minister congratulated HAL on getting the Maharatna status and Mazagon Dock Shipbuilders Limited on getting the Navratna status, it said. Other DPSUs whose CMDs also presented cheques include Bharat Dynamics Limited , Mishra Dhatu Nigam Limited (MIDHANI), Garden Reach Shipbuilders and Engineers Limited (GRSE), Goa Shipyard Limited (GSL) and BEML Limited .
