MDL's decision marks its first international venture and is seen as a major milestone in the company's transformation from a purely domestic shipbuilder into a regional maritime player with global aspirations.
Mumbai:State-run Mazagon Dock Shipbuilders Limited (MDL) has decided to acquire a controlling stake in Sri Lanka's Colombo Dockyard PLC under a USD 52.96 million deal, a move that is expected to expand India's strategic presence in the island nation.
MDL's decision marks its first international venture and is seen as a major milestone in the company's transformation from a purely domestic shipbuilder into a regional maritime player with global aspirations.
"Located in the Port of Colombo, Colombo Dockyard PLC (CDPLC) gives MDL a strategic foothold in the Indian Ocean Region-- a key maritime corridor," the MDL said in a statement.
Officials said MDL's acquiring controlling stakes in CDPLC will significantly change the shipbuilding and ship repair landscape in the region.
The MDL will bring an order pipeline for CDPLC from both domestic and international markets for repairs, refits and new builds, they said.
As such there is a continuous revenue stream of ship repairs from the Indian sub-continent and MDL acquiring controlling stakes would only further this trend, they said.
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