Mazagon Dock Shipbuilders Limited (MDL), India’s leading defence public sector undertaking under the Ministry of Defence, has announced the completion of its first international acquisition by securing a controlling 51 per cent stake in Colombo Dockyard PLC (CDPLC), Sri Lanka’s largest shipyard. The deal, valued at USD 26.8 million (₹249.5 crore), makes CDPLC a wholly owned subsidiary of MDL.
The transaction represents a significant step forward for the Indian company and is described as a transformative move in line with India’s Maritime Amrit Kaal Vision 2047. In a statement, MDL confirmed that the board of CDPLC has been reconstituted with its nominees. Captain Jagmohan (Retd), Chairman and Managing Director of MDL, has been appointed Non-Executive Chairman of CDPLC with effect from 7 April 2026.
Mazagon Dock Shipbuilders Limited (MDL), India's Defence Public Sector Undertaking under the Ministry of Defence, Government of India, announces that Colombo Dockyard PLC (CDPLC), Sri Lanka's largest shipyard, has become a subsidiary of MDL following completion of the acquisition… pic.twitter.com/niGpOJKkCW
— ANI (@ANI) April 11, 2026
The new board also includes Biju George, Director (Shipbuilding) at MDL; Ruchir Agrawal, Director (Finance) at MDL; and Vish Govindasamy, Deputy Chairman of Sunshine Holdings PLC, who joins as an MDL nominee director. Thimira S. Godakumbura will continue in his role as Managing Director and Chief Executive Officer of CDPLC.
In June last year, the MDL board cleared the investment of USD 52.96 million (around ₹452 crore) for the acquisition in the form of primary subscription and secondary purchase of shares from present shareholders. The existing majority shareholder in CDPLC, Japan’s Onomichi Dockyard Co. Ltd., was among the sellers.
The acquisition is expected to strengthen maritime cooperation between India and Sri Lanka and enhance operational capabilities at the Colombo Dockyard. Through majority acquisition of Colombo Dockyard, India earns strategic entry into one of the Indian Ocean Region’s most strategic locations, which is increasingly becoming a theatre of influence between regional players, especially India and China.
MDL’s strategic backing has already enabled CDPLC to secure the largest shipbuilding contract in its 52-year history. In November 2025, CDPLC signed an agreement with Orange Marine of France for construction of two advanced Cable Laying and Repair Vessels valued at approximately USD 150 million. The 100-metre, 1800 DWT vessels feature hybrid-electric propulsion with ABB Azipod units and are scheduled for delivery in 2028 and 2029. The keel of the first vessel was laid on 1 April 2026.
Colombo Dockyard is one of South Asia’s busiest shipyards, situated within the Port City of Colombo. The shipyard was founded in 1974 and has, for many years, been Sri Lanka’s premier facility for ship building, repair, and maintenance.
