Mazagon Dock Shipbuilders said last week it would buy a 51 per cent stake in Colombo Dockyard for US$52.96 million. The deal is expected to be completed within the next six months.
In a statement on social media on Friday, Mazagon Docks highlighted that the agreement would mark the company’s first international acquisition and give it a “strategic foothold in the Indian Ocean region – a key maritime corridor”.
“With this, [Mazagon Docks] begins its transformation from a domestic shipbuilder to a regional maritime player with global ambition,” it added.
Colombo Dockyard is the Sri Lankan government’s leading shipbuilder and ship repair firm. It services more than 200 ships yearly and can handle vessels up to 125,000 deadweight tonnage. It also has clients and government contracts across Asia and Africa.
