India’s Foreign Secretary Vikram Misri has described Mazagon Dock Shipbuilders Limited’s acquisition of a 51% controlling stake in Colombo Dockyard PLC as a “significant development” and an investment in a “highly strategic sector,” Newswire reported on Saturday.
Speaking during Indian Vice President C.P. Radhakrishnan’s two-day visit to Sri Lanka, Misri said the deal highlights growing India-Sri Lanka cooperation in maritime and industrial sectors.
Mazagon Dock Shipbuilders Limited (MDL), India’s state-owned defence shipbuilder under the Ministry of Defence, recently completed the acquisition for a total investment of US$26.8 million. Colombo Dockyard has officially become a subsidiary of MDL — the Indian company’s first international acquisition.
MDL said the move aligns with India’s Maritime Amrit Kaal Vision 2047 and is expected to strengthen maritime links between the two countries. The Colombo Dockyard board has been reconstituted under MDL leadership, with the company targeting 20% growth in revenue and profits during the current financial year through new orders and operational improvements.
Colombo Dockyard is Sri Lanka’s largest shipyard and a key player in the country’s maritime industry, handling ship repair, offshore construction and commercial newbuilds. The strategic endorsement from New Delhi follows an earlier memorandum between MDL, Colombo Dockyard and India’s Dredging Corporation on maritime cooperation.
Misri’s comments were among several bilateral outcomes issued during Radhakrishnan’s visit, which also produced agreements on housing for plantation communities, healthcare, railway rehabilitation and wildlife conservation cooperation.
