Mumbai/New Delhi, June 28 -- Mazagon Dock Shipbuilders Limited (MDL) on Friday announced that it is set to acquire 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.452.02 crore). The deal will see India's largest state-run shipyard acquiring a 51% stake from Colombo Dockyard's majority shareholder, Japan's Onomichi Dockyard Co Ltd, according to a press release. After the acquisition is completed, CDPLC will become a subsidiary of MDL. MDL, Colombo Dockyard and Onomichi Dockyard signed a tripartite agreement on Friday, and officials said MDL's acquisition will be a force multiplier for CDPLC as it will bring in an order pipeline, investments, expertise and stability for the Sri Lankan company. MDL has a market capitalisation of $15.12 billion (Rs.1.29 lakh crore). The firm reported a turnover of Rs.10,775.34 crore for FY 2025, a 14% increase compared to the previous year. "With CDPLC's strategic location, proven capabilities and strong regional presence, this step will position MDL as a key player in South Asia and lay the foundation for our emergence as a global shipyard," MDL chairman and managing director Captain Jagmohan said, explaining the reason behind the acquisition. "This is not just an acquisition-it is a gateway. It marks our first international foray and reflects our ambition to transform into a global shipbuilding enterprise." An MDL spokesperson said Colombo Dockyard offers MDL a strong operational foothold in the Indian Ocean Region (IOR), one of the busiest and geopolitically significant maritime corridors in the world. "With this acquisition, MDL positions itself not only to strengthen its presence in the region but also to enhance its competitiveness in the global shipbuilding and marine engineering arena," the spokesperson said. MDL's controlling stake in Colombo Dockyard will significantly change the shipbuilding and ship repair landscape in the region, officials said. The move also reflects the appetite of Indian industry, including PSUs, to acquire strategic assets overseas and build investment-led partnerships, they added....