Colombo Dockyard, a public limited company in Sri Lanka, is located at the Graving Docks in the Port of Colombo. Credit: RUBEN M RAMOS/Shutterstock.

The board of directors of India’s Mazagon Dock Shipbuilders has approved the acquisition of a controlling stake in Colombo Dockyard (CDPLC) in Sri Lanka.

The investment will not exceed Rs4.52bn ($52.96m) and will involve both primary subscriptions and secondary acquisitions from CDPLC shareholders, including Onomichi Dockyard, a majority shareholder.

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Definitive documents outlining the terms of the acquisition have been executed by Mazagon, CDPLC, and Onomichi.

The proposed acquisition is anticipated to be completed within four to six months, pending the fulfilment of customary closing conditions outlined in the definitive documents, including obtaining necessary statutory and regulatory approvals.

Upon completing the proposed acquisition of shares, Mazagon will obtain at least 51% equity in CDPLC, gaining control. As a result, CDPLC will become a subsidiary of Mazagon.

Based at Graving Docks, Port of Colombo in Sri Lanka, CDPLC is a public limited company focusing on shipbuilding and ship repair.

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CDPLC’s consolidated turnover for 2024 was SLRs25.44bn ($84.4m), with a consolidated net worth of SLRs5.31bn ($17.6m), as of 31 December 2024.

Mazagon stated that the proposed acquisition is expected to bolster its presence in the ship repair and shipbuilding sector by leveraging operational synergies, improving research and development capabilities, and broadening market reach, aligning with the firm’s long-term growth vision.

In November 2023, the US Government’s International Development Finance Corporation (DFC) pledged more than $550m for the development of a deepwater shipping container terminal at the Port of Colombo.

According to the DFC, the port is the largest and busiest transshipment hub in the Indian Ocean, operating at over 90% capacity since 2021, indicating a need for an additional terminal.

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