India’s Mazagon Dock Shipbuilders Limited (MDL) has completed its acquisition of a 51% controlling stake in Colombo Dockyard PLC (CDPLC), making the Sri Lankan shipyard a subsidiary of the Indian defence company. MDL’s total investment stands at USD 26.8 million, marking its first purchase of a foreign company, according to a report by the Indian media outlet ET Edge Insights.
With the takeover complete, CDPLC’s board has been restructured. Capt Jagmohan (Retd), MDL’s Chairman and Managing Director, now serves as Non-Executive Chairman of CDPLC, effective 7 April 2026. Three other MDL officials — Biju George (Shipbuilding), Ruchir Agrawal (Finance), and Vish Govindasamy of Sunshine Holdings PLC — have also joined the board as MDL nominees. Thimira S. Godakumbura continues in his existing role as MD and CEO of CDPLC.
The timing of the acquisition coincides with what CDPLC describes as the largest shipbuilding deal in its 52-year history. In November 2025, the shipyard signed a contract with Orange Marine of France to build two Cable Laying and Repair Vessels worth around USD 150 million. The vessels, each 100 metres long and rated at 1,800 DWT, will use hybrid-electric propulsion technology from ABB Azipod. Delivery is expected in 2028 and 2029. Construction is already underway — the keel of the first vessel was laid on 1 April 2026.
Beyond the acquisition itself, MDL has been working to plug CDPLC into India’s maritime network. On 7 April 2026, CDPLC signed a Memorandum of Understanding with the Dredging Corporation of India (DCI), under which CDPLC will serve as DCI’s preferred partner for drydocking, repair, and maintenance work. The MoU was signed in Colombo in the presence of India’s High Commissioner to Sri Lanka, Shri Santhosh Jha.
MDL is also in active discussions with the Shipping Corporation of India (SCI) to direct vessel repair and refit work to CDPLC. If that deal comes through, it will further cement the growing maritime services link between the two countries.
MDL has set a goal of 20% growth in CDPLC’s revenue and profits during the current financial year. The company expects this growth to come from new shipbuilding orders, India-linked ship repair business, and tighter operational management.
The acquisition is the first time MDL — a defence public sector company under India’s Ministry of Defence — has bought a stake in a foreign shipyard. Officials have linked the move to India’s Maritime Amrit Kaal Vision 2047, a long-term plan to build up India’s shipbuilding capacity and maritime influence in the region.
For Sri Lanka, the deal brings fresh capital and business into CDPLC, which has long been the country’s only full-service shipyard, capable of handling vessels up to 125,000 DWT across four drydocks.