For a better experience, Read this story in our App
TO ENJOY ADDITIONAL BENEFITS
Connect With Us
Get BusinessLine apps on
Indian Navy’s warship Mahendragiri, the seventh ship of Project 17A frigates series developed by Mazagon Dock Shipbuilders Limited (MDL), during its launch, in Mumbai, Friday, Sept. 1, 2023 | Photo Credit: SHASHANK PARADE
Central government owned Mazagon Dock Shipbuilders said it would buy a controlling stake in Sri Lankan peer Colombo Dockyard in a deal not exceeding $52.96 million to grow its shipbuilding and repair business.
The transaction, involving the acquisition of at least 51 per cent equity in Colombo Dockyard, will close within six months, after which the Sri Lankan shipbuilder will become a part of Mazagon Dock Shipbuilders, according to a regulatory filing on Friday.
Colombo Dockyard was not immediately available for comment outside business hours.
Mazagon Dock Shipbuilders also builds warships and submarines, and the deal is seen giving India a strategic foothold in the Indian Ocean island nation where New Delhi and Beijing have been jostling for influence for years.
For 2024, Colombo Dockyard's turnover was 25.45 billion Sri Lankan rupees ($84.89 million), according to the filing, while Mazagon Dock Shipbuilders' revenue for the year ended March 2025 was 114.32 billion Indian rupees ($1.34 billion).
Published on June 28, 2025
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.