MDL acquires 51% stake in Colombo shipyard

MDL is also actively in discussions with the Shipping Corporation of India (SCI) to route vessel repair and refit work to CDPLC, further strengthening the India-Sri Lanka maritime services corridor

Mumbai: Mazagaon Dock Shipbuilders Ltd (MDL) acquired a controlling 51% stake in Colombo Dockyard PLC (CDPLC), making Sri Lanka’s largest shipyard its subsidiary in the company’s first overseas acquisition.

MDL acquires 51% stake in Colombo shipyard

The total investment stands at $26.8 million ( ₹250 crore). Following the deal, CDPLC’s board has been reconstituted with MDL nominees, and MDL’s chairman and managing director, capt Jagmohan (Retd) has been appointed as non-executive chairman.

As part of the expansion, CDPLC on April 7 signed a memorandum of understanding with Dredging Corporation of India Ltd (DCI) to act as its preferred partner for drydocking, repair and maintenance. The agreement was signed in the presence of India’s high commissioner to Sri Lanka, Santosh Jha.

MDL is also actively in discussions with the Shipping Corporation of India (SCI) to route vessel repair and refit work to CDPLC, further strengthening the India-Sri Lanka maritime services corridor. MDL is targeting a 20% growth in CDPLC revenue and profits in the current financial year through new order inflows, India-linked ship repair business, and enhanced operational efficiency.

Backed by MDL, CDPLC has already secured its largest shipbuilding contract to date — a $150-million deal signed in November 2025 with France-based Orange Marine for the construction of two cable laying and repair vessels. The 100-metre and 1800 DWT (dead weight tonnage) vessels, equipped with hybrid-electric propulsion systems, are scheduled for delivery in 2028 and 2029. The keel for the first vessel was laid on April 1, 2026.

“MDL’s acquisition of CDPLC is a landmark moment — not just for our two organisations, but for maritime cooperation between India and Sri Lanka. The signing of the DCI MoU and our ongoing engagement with SCI are the first tangible deliverables of this partnership. We are confident of achieving 20% growth in CDPLC’s revenue and profits this financial year,” capt Jagmohan said.