Mumbai, June 27 -- Mazagon Dock Shipbuilders announced on Friday it is set to acquire a controlling stake in Colombo Dockyard PLC (CDPLC), Sri Lanka's largest shipyard, in a deal worth up to USD 52.96 million.

According to the state-owned company, this marks MDL's first international acquisition.

Located in the Port of Colombo, CDPLC gives MDL a strategic foothold in the Indian Ocean Region--a key maritime corridor.

"With this, MDL begins its transformation from a domestic shipbuilder to a regional maritime player with global ambitions. Aligned with Maritime Amrit Kaal Vision 2047, this move strengthens India's regional maritime influence and expands MDL's global reach," the company said in a post on X today.

Post the completion of th...