Mumbai, April 11 -- Mazgaon 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. 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. "The acquisition is a landmark moment - not just for our two organisations, but for maritime cooperation between India and Sri Lanka. We are confident of achieving 20% growth in CDPLC's revenue this financial year," Jagmohan said....