Mazagon Dock to acquire a majority stake in Colombo Dockyard from Onomichi for $52.96m.

Mazagon Dock, a shipbuilding and submarine manufacturer, agreed to acquire a majority stake in Colombo Dockyard, a shipbuilding and heavy engineering facility, from Onomichi, a shipbuilding company, for $52.96m. Mazagon stated that the proposed acquisition is expected to bolster its presence in the ship repair and shipbuilding sector by leveraging operational synergies, improving research and development capabilities, and broadening market reach, aligning with the firm’s long-term growth vision.