Indian state-owned Mazagon Dock Shipbuilders stated it will purchase a controlling stake in Sri Lankan peer Colombo Dockyard in a deal not exceeding $52.96 million to develop its shipbuilding and restore enterprise.
The transaction, involving the acquisition of not less than 51 per cent fairness in Colombo Dockyard, will shut inside six months, after which the Sri Lankan shipbuilder will develop into part of Mazagon Dock Shipbuilders, based on a regulatory submitting on Friday.
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