India, June 28 -- Mazagon Dock Shipbuilders Limited (MDL) on Friday announced its first international acquisition-a controlling stake in Sri Lanka's largest and most established shipyard, Colombo Dockyard PLC (CDPLC), in a deal valued at up to $52.96 million ( Rs.452 crore).

The deal will include India's largest shipyard acquiring the shares of CDPLC's current majority shareholder, Onomichi Dockyard Co. Ltd, according to a press release. The Japanese company owns a 51% stake in CDPLC. After the acquisition is completed, CDPLC will become a subsidiary of MDL, the press release added.

Mazagon Dock Shipbuilders has a market capitalisation of $15.12 billion ( Rs.1,29,254 crore). It reported a turnover of approximately $1.13 billion ( Rs.9,6...