Mumbai’s Mazagon Dock Shipbuilders Limited (MDL) has secured a 41.73 percent equity stake in Sri Lanka’s Colombo Dockyard PLC (CDPLC), representing a significant milestone in the public sector undertaking’s international expansion efforts. The acquisition was facilitated through the allotment of 16.49 crore unsubscribed rights shares previously owned by Japan’s Onomichi Dockyard Co. Ltd, according to a regulatory filing by MDL.
This transaction, executed under a tripartite agreement involving Mazagon Dock, Colombo Dockyard, and Onomichi Dockyard, has activated a mandatory offer for CDPLC’s existing shareholders in accordance with Rule 31(1)(a) of Sri Lanka’s Takeovers and Mergers Code, 1995. MDL has committed to providing further information regarding the open offer and any subsequent developments, as required by the SEBI (LODR) Regulations, 2015.
Colombo Dockyard is recognized as one of South Asia’s leading shipbuilding and repair facilities. This acquisition is viewed as strategically important for enhancing Mazagon Dock’s global presence, fostering technology partnerships, and improving maritime capabilities. Additionally, it is anticipated to strengthen industrial collaboration between India and Sri Lanka in the maritime and defense manufacturing sectors.
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