Mazagon Dock makes first global push, picks majority stake in Colombo Dockyard for $53 million. Details here
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.
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3 days ago
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HAL vs Bharat Dynamics vs Mazagon Dock Shipbuilders: Which defence PSU stock to buy after Q1 results 2025?
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