Latest news with #ColomboDockyardPLC
Time of India
21 hours ago
- Business
- Time of India
Morning news wrap: Iran says Israel ran to 'daddy', Bigg Boss star Shefali Jariwala dies of cardiac arrest & more
. Iran's foreign minister Abbas Araghchi took a sharp dig at Israel, saying it had 'no choice but to run to daddy,' referring to US President Donald Trump. Meanwhile, actress Shefali Jariwala has passed away at 42 after suffering a cardiac arrest, leaving fans and the entertainment world in mourning. Uddhav and Raj Thackeray will come together for a joint protest on July 5 against the mandatory teaching of Hindi from class 1 under the new three-language policy in Maharashtra. Tehran taunts Israel; questions Trump's intent on nuclear deal Iran's foreign minister Abbas Araghchi, mocked Israel, saying it had 'no choice but to run to daddy,' a jab at US President Donald Trump. He also questioned Trump's sincerity about seeking a new nuclear agreement. The remarks come amid heightened tensions between Iran and Israel, as both nations trade barbs over Tehran's nuclear program. Read full story Bigg Boss 13 fame Shefali Jariwala passes away at 42 after cardiac arrest Actress and Bigg Boss 13 fame Shefali Jariwala has passed away at the age of 42. As per reports, she suffered a cardiac arrest on the night of June 27 and could not be revived. Best known for her appearance on the reality show and the iconic music video Kaanta Laga, her untimely demise has left fans and the entertainment industry in shock. Read full story India bolsters naval presence with $53 million Lanka shipyard acquisition Mumbai-based defence PSU Mazagon Dock Shipbuilders Ltd is set to acquire a controlling stake in Sri Lanka's largest shipyard, Colombo Dockyard PLC, in a deal worth nearly $53 million. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 선배는 영어성적 어떻게 만들었어요? 파고다어학원 더 알아보기 Undo This marks the company's first overseas acquisition and is expected to significantly boost India's strategic presence in the Indian Ocean Region (IOR). Read full story Uddhav, Raj Thackeray reunite for protest against three-language policy in Maharashtra Uddhav and Raj Thackeray are set to hold a joint protest march on July 5, opposing what they describe as the imposition of Hindi in Maharashtra's schools under the new three-language policy, which mandates teaching Hindi from Class 1. This marks the first time the two leaders will share a political stage since Raj parted ways with Shiv Sena. Read full story Jeff Bezos, Lauren Sanchez get married in lavish Venice ceremony Billionaire Amazon founder Jeff Bezos and journalist Lauren Sanchez tied the knot on Friday in a lavish ceremony on Venice's San Giorgio Maggiore island. The multi-day wedding celebration is expected to wrap up on Saturday with a grand party, reportedly set to take place at the Arsenal. Read full story
NDTV
a day ago
- Business
- NDTV
Mazagon Dock Shipbuilders To Acquire Controlling Stake In Colombo Dockyard PLC
Mumbai: State-run Mazagon Dock Shipbuilders Limited (MDL) has decided to acquire a controlling stake in Sri Lanka's Colombo Dockyard PLC under a USD 52.96 million deal, a move that is expected to expand India's strategic presence in the island nation. MDL's decision marks its first international venture and is seen as a major milestone in the company's transformation from a purely domestic shipbuilder into a regional maritime player with global aspirations. "Located in the Port of Colombo, Colombo Dockyard PLC (CDPLC) gives MDL a strategic foothold in the Indian Ocean Region-- a key maritime corridor," the MDL said in a statement. Officials said MDL's acquiring controlling stakes in CDPLC will significantly change the shipbuilding and ship repair landscape in the region. The MDL will bring an order pipeline for CDPLC from both domestic and international markets for repairs, refits and new builds, they said. As such there is a continuous revenue stream of ship repairs from the Indian sub-continent and MDL acquiring controlling stakes would only further this trend, they said. The move comes amid concerns in New Delhi over China's persistent attempts to expand its strategic influence in the island nation. Colombo 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. It is Sri Lanka's largest shipyard. "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 readout said. A number of orders for which potential clients are approaching MDL can also be diverted to CDPLC which will ensure that there is a supply chain and industrial connectivity, the officials cited above said. They said both the shipyards possess enormous expertise garnered over the past decades and this strength can be leveraged for mutual benefit and can result in a win-win scenario. The resources available at both the yards can be shared for mutual benefit. For instance, the detailed design capabilities possessed by both the yards can be leveraged for projects at MDL as well as at CDPLC. The CDPLC which is currently under financial distress can benefit from MDL's strong financial capabilities and resource base thereby expediting the turnaround process, the officials said. The MDL can leverage its resources for augmentation of the operations of CDPLC and its subsidiaries in other ports of the country based on opportunities that may arise, they added. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Business Standard
a day ago
- Business
- Business Standard
PSU Mazagon Shipbuilders to acquire controlling stake in Colombo Dockyard
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 $ 52.96 million, a statement said on Friday. This 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 said. Strategically located within the Port of Colombo, CDPLC offers MDL a strong operational foothold in the Indian Ocean Regionone of the busiest and most geopolitically significant maritime corridors in the world. Mazagon 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 modernisation. Colombo 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 $ 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 said. Upon completion, subject to customary regulatory approvals and closing conditions, CDPLC will become a subsidiary of MDL. The 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 MDL. Colombo 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 servicesranging from in-house design and construction to advanced repair and marine steel fabrication, it said. CDPLC 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 IRS. In addition to its technical strengths, CDPLC is actively pursuing a pipeline of orders exceeding $ 300 million, which includes cable laying ships, multi-purpose utility ships, and newbuild fleet support vessels. With MDL's supportparticularly in technology sharing, access to Indian supply chains, and entry into Indian and allied maritime marketsCDPLC is well positioned for financial turnaround and long-term growth, the statement said. The 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.
Economic Times
a day ago
- Business
- Economic Times
Mazagon Dock to acquire controlling stake in Sri Lanka's Colombo Dockyard
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 MDL. The 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 MDL. Colombo 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 said. CDPLC 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 IRS. In 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 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 financial turnaround and long-term growth, the statement said. The 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.
Business Standard
a day ago
- Business
- Business Standard
Mazagon Dock to acquire Colombo Dockyard for Rs 452 crrore
Mazagon Dock Shipbuilders said that its board has approved the acquisition of a controlling and substantial stake of Colombo Dockyard PLC (CDPLC) by way of an investment not exceeding $52.96 million, i.e., approximately Rs 452 crore. The securities of CDPLC would be acquired via a combination of primary subscription and secondary acquisitions from the shareholders of CDPLC (including Onomichi Dockyard Co. Ltd. (Onomichi), a majority shareholder of CDPLC). For this purpose, Mazagon Dock, CDPLC and Onomichi have executed definitive documents setting out the terms and conditions of the proposed acquisition. Listed on Columbo Stock Exchange, Colombo Dockyard PLC is engaged in the business of ship building and ship repair. Turnover of CDPLC for the year ended 31 December 2024 on a consolidated basis is LKR 25,447 million. The proposed acquisition will enable Mazagon Dock to strengthen its position in the ship repair and ship building industry, by unlocking operational synergies, enhancing research development capabilities, and expanding market reach. It supports the companys long-term growth vision in the ship building and ship repair industry. "Pursuant to the completion of the proposed acquisition, CDPLC will become a subsidiary of the company, Mazagon Dock Shipbuilders said in a statement. Mazagon Dock Shipbuilders is principally engaged in building and repairing ships, submarines, various types of vessels, and related engineering products for its customers. The company's consolidated net profit declined 50.93% to Rs 325.29 crore, while revenue from operations rose 2.28% to Rs 3,174.41 crore in Q4 March 2025 over Q4 March 2024. The scrip had gained 1.54% to end at Rs 3169.50 on the BSE today.
