India, April 11 -- 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.

The total investment stands at $26.8 million ( Rs.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, ...