Amid Chinese fishing in Indian waters, Mazagon Dock buys controlling stake in Colombo Shipyard
New Delhi: In a strategic acquisition that will significantly expand its production capacity and take it on the path of becoming a global player, India's largest shipyard,
Mazagon Dock Shipbuilders Limited
(MDL), is buying a controlling stake in Sri Lanka's largest shipbuilder, located in the port of Colombo.
The controlling stake in
Colombo Dockyard PLC
(
CDPLC
), Sri Lanka's largest and most established shipyard, is being acquired for $52.96 million, with the Indian yard taking over as the majority shareholder.
The acquisition will not just give the Indian yard a larger footprint but will also help limit the expansion of Chinese entities in the neighbourhood. The yard is especially vital given its location. It is close to some of the busiest shipping lanes in the world.
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"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 MDL CMD Capt Jagmohan.
Sources said the Sri Lankan yard is a loss-making entity but has great potential to emerge as a strong player in the region, given its history, technical capability and abundant land for expansion. The dockyard has been in dire straits for some time and initially it had sought help from the Japanese government as 51% is owned by
Onomichi Dockyard
. However, neither Japan or the Sri Lankan government could provide financial relief.
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In November 2024, Onomichi Dockyard exited from the entity and the Sri Lankan government requested India to encourage Indian investors to take over. The situation was dire as a default would have brought financial distress and uncertainty for workers employed in Colombo Dockyard. After due process, MDL was shortlisted, given its prowess in shipbuilding as well as financial strength. MDL officials said that subject to customary regulatory approvals and closing conditions, CDPLC will become a subsidiary of MDL.
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