Mazagon Dock Shipbuilders to Acquire Controlling Stake in Colombo Dockyard PLC for USD 52.96 Million

Mazagon Dock Shipbuilders Ltd. has approved the acquisition of a controlling and substantial stake in Colombo Dockyard PLC (CDPLC) for an investment not exceeding USD 52.96 million (approximately INR 452 crore). The acquisition will be through a combination of primary subscription and secondary acquisitions from CDPLC shareholders, including Onomichi Dockyard Co. Ltd. The Proposed Acquisition is subject to customary closing conditions and regulatory approvals, and is expected to be completed within 4 to 6 months. The acquisition will enable Mazagon Dock Shipbuilders to strengthen its position in the ship repair and ship building industry, and CDPLC will become a subsidiary upon completion.