Mumbai-based Mazagon Dock Shipbuilders Limited (MDL) has acquired a 41.73 per cent equity stake in Sri Lanka’s Colombo Dockyard PLC (CDPLC), marking a key step in the defence PSU’s overseas expansion drive. The stake was picked up through the allotment of 16.49 crore unsubscribed rights shares that were originally held by Japan’s Onomichi Dockyard Co. Ltd, MDL said in a regulatory filing.
The acquisition, completed under a tripartite agreement between Mazagon Dock, Colombo Dockyard and Onomichi Dockyard, has triggered a mandatory offer to CDPLC’s existing shareholders under Rule 31(1)(a) of Sri Lanka’s Takeovers and Mergers Code, 1995. Mazagon Dock has indicated that further details on the open offer and subsequent developments will be notified to the stock exchanges in line with SEBI (LODR) Regulations, 2015.
Colombo Dockyard is among South Asia’s prominent shipbuilding and repair yards, and the deal is seen as strategically significant for strengthening Mazagon Dock’s global footprint, technology partnerships and maritime capabilities. The move is also expected to reinforce industrial cooperation between India and Sri Lanka in the broader maritime and defence manufacturing domain.
