<h1>Indian shipyard acquires controlling stake in Sri Lankan counterpart for USD 52.96 million in first international expansion</h1> A major Indian public sector shipyard announced plans to acquire a controlling stake in a prominent Sri Lankan shipyard for up to USD 52.96 million. This marks the Indian company's first international venture, positioning it as a regional maritime player in the strategically important Indian Ocean region. The acquisition involves purchasing shares through primary infusion and secondary purchase from the current majority shareholder. The target company, listed on the local stock exchange, operates multiple drydocks and serves clients across Asia, Middle East, and Africa with shipbuilding, repair, and engineering services. Upon completion, subject to regulatory approvals, the Sri Lankan entity will become a subsidiary of the Indian shipyard.