Colombo Dockyard PLC and India’s Dredging Corporation of India (DCI) have signed a memorandum of understanding on maritime cooperation, with the agreement witnessed by Indian High Commissioner to Sri Lanka Santosh Jha.
The Indian High Commission said the MoU “will provide a pathway for Colombo Dockyard to benefit from the enhanced business volumes of the Indian maritime industry”, while the Indian side in turn stands to draw on the Sri Lankan yard’s technical skill base. The commission described the deal as “strengthening of the India–Sri Lanka economic and commercial partnership”.
DCI is a Government of India enterprise under the Ministry of Ports, Shipping and Waterways, handling dredging and port-development work for Indian ports. Colombo Dockyard, listed on the Colombo Stock Exchange under the ticker DOCK, is one of Sri Lanka’s largest ship-repair and shipbuilding facilities.
The announcement coincided with a strong rally for the dockyard’s stock. Colombo Dockyard shares closed up 11.27% at Rs. 138.25 on Wednesday, making it one of the top positive contributors to the All Share Price Index as the broader market rose more than 4% on the back of the US–Iran ceasefire.
The MoU adds a commercial layer to a busy week in India–Sri Lanka bilateral engagement. Indian Vice-President C.P. Radhakrishnan is currently on an official visit to Colombo, and Sri Lankan officials have publicly credited Indian support for helping maintain fuel supplies through the Middle East crisis.
