Mazagon Dock To Buy Majority Stake In Colombo Dockyard For Up To $52.96 Million

Mazagon Dock Shipbuilders Ltd. on Friday said its board has approved acquiring at least 51% stake in Colombo Dockyard Plc for up to $52.96 million. The stake will be purchased through a mix of primary subscription and secondary purchase from shareholders, including current majority holder Onomichi Dockyard Co. Ltd., the company said in an exchange filing.

Mazagon Dock has entered into definitive agreements with both Colombo Dockyard and Onomichi Dockyard. The deal is subject to statutory and regulatory approvals, and is expected to be completed in the next 4–6 months.

Post-acquisition, Colombo Dockyard will become a subsidiary of Mazagon Dock. The move is aimed at strengthening its ship repair and shipbuilding business, unlocking synergies, expanding R&D capabilities, and broadening its market reach.