Mumbai (Maharashtra) [India], June 27 (ANI): Mazagon Dock Shipbuilders announced on Friday it is set to acquire a controlling stake in Colombo Dockyard PLC (CDPLC), Sri Lanka's largest shipyard, in a deal worth up to USD 52.96 million.

According to the state-owned company, this marks MDL's first international acquisition.

Located in the Port of Colombo, CDPLC gives MDL a strategic foothold in the Indian Ocean Region--a key maritime corridor.

'With this, 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 a post on X today.

Post the completion of the proposed acquisition, CDPLC will become a subsidiary of the company.

Colombo Dockyard PLC (CDPLC) is a public limited company incorporated under the laws of Sri Lanka (bearing Company Registration No. PQ 50) and having its registered office at Graving Docks, Port of Colombo, Colombo 15, Sri Lanka.

The company is listed on the Colombo Stock Exchange and is engaged in the business of shipbuilding and ship repair.

Turnover of CDPLC for the year ended December 31, 2024, on a consolidated basis is LKR 25,447 million.

Net worth of CDPLC for the year ended December 31, 2024, on a consolidated basis is LKR 5,311 million.

CDPLC was incorporated on June 14, 1974.

The Proposed Acquisition will enable the Company to strengthen its position in the ship repair and shipbuilding industry by unlocking operational synergies, enhancing research and development capabilities, and expanding market reach.

It also supports the company's long-term growth vision in the shipbuilding and ship repair industry.

Subject to fulfilment of customary closing conditions set out in the definitive documents, including receipt of statutory and regulatory approvals, the proposed acquisition is expected to be completed within 4 to 6 months. (ANI)