New Delhi, June 27 -- Mazagon Dock Shipbuilders Limited (MDL) on Friday said it has decided to acquire a controlling stake in Colombo Dockyard PLC (CDPLC), which is Sri Lanka's largest shipbuilding and repair facility.

The deal, valued at around $52.96 million, marks Mazagon Dock's first-ever international acquisition and aligns with India's Maritime Amrit Kaal Vision 2047, which aims to strengthen the country's maritime industry.

Mazagon Dock is a defence public sector undertaking that specialises in building and repairing warships, submarines, and a wide range of other vessels for the Indian Navy and other clients.

Colombo Dockyard PLC, located in the Port of Colombo will provide MDL a strategic edge in the Indian Ocean Region.

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