M&A

M&A

Mazagon Dock acquires 51% stake in Colombo Dockyard for Rs.250-Cr

BSE Announcement   Economic Times  

Mumbai-headquartered Mazagon Dock Shipbuilders has acquired a 51% stake in Sri Lanka’s largest shipyard, Colombo Dockyard, for INR 249.5 crore. This transaction marks Mazagon Dock Shipbuilders' first international acquisition.Following the acquisition, Colombo Dockyard's board has been reconstituted. Capt Jagmohan (Retd), Chairman and Managing Director of Mazagon Dock, has been appointed Non-Executive Chairman. Thimira S. Godakumbura continues as the managing director and chief executive officer of Colombo Dockyard, while Vish Govindasamy has been inducted as a Mazagon Dock Shipbuilders nominee director.