Mazagon Dock acquires 51% stake in Colombo Dockyard for Rs 249.5 crore in first international acquisition

Mazagon Dock Shipbuilders Limited (MDL) has acquired a controlling 51% stake in Colombo Dockyard PLC (CDPLC), marking its first international acquisition and a strategic expansion into the regional shipbuilding market.

The transaction, valued at Rs 249.5 crore, makes Sri Lanka’s largest shipyard a subsidiary of MDL, the defence public sector undertaking under India’s Ministry of Defence. The move is being positioned as a key milestone aligned with the government’s long-term maritime strategy, the Maritime Amrit Kaal Vision 2047.

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Following the completion of the deal, the board of Colombo Dockyard has been reconstituted with nominees from MDL. Capt Jagmohan (Retd), Chairman and Managing Director of MDL, has been appointed as Non-Executive Chairman with effect from April 7, 2026.

Other MDL nominees on the board include Biju George, Director (Shipbuilding), and Ruchir Agrawal, Director (Finance). Thimira S. Godakumbura will continue as Managing Director and Chief Executive Officer of CDPLC, ensuring continuity in operations, while Vish Govindasamy, Deputy Chairman of Sunshine Holdings PLC, has been inducted as an MDL nominee director.

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The acquisition underscores MDL’s intent to expand its footprint beyond India and strengthen its position in the global shipbuilding and ship repair ecosystem, leveraging Colombo Dockyard’s strategic location and established capabilities.