Knowledge Marine & Engineering Works wins green tug contract worth ₹279 crore from Mumbai Port Authority

Shares of Knowledge Marine & Engineering Works will be in focus on Monday, September 21, after the company said it has secured its third green tug contract worth ₹279.33 crore from the Mumbai Port Authority.

The company is an integrated marine infrastructure and dredging firm. The contract involves chartering a 60 ton bollard pull capacity new battery operated electric green tug along with manning, operations, maintenance and complete technical management, the company said in an exchange filing on Saturday.

It said the latest order adds to the two green tug contracts it secured earlier and will be supported via its subsidiary Knowledge Shipyard Ltd, which is also undertaking the construction of the company's other green initiatives.

The company said the simultaneous construction of multiple green tugs at a common shipbuilding platform provides the firm with an opportunity to develop greater standardization, repeatability and execution efficiencies, while building specialized technical capabilities in the construction of next-generation marine assets.

"This order is particularly significant as we intend to construct this vessel alongside our other two Green Tugs at our shipbuilding platform. Having multiple vessels under construction simultaneously will allow us to develop greater standardization, strengthen execution capabilities and build deeper technical expertise in this specialized segment," Sujay Kewalramani, the CEO of Knowledge Maritime & Engineering Works, said.

He said the company's objective is not just to construct individual vessels, but to develop a scalable capability around next-generation marine assets. "By combining our experience in marine operations with our growing shipbuilding capabilities, we aim to build expertise across the complete lifecycle of these assets — from construction and commissioning to operations and maintenance," he added.

Shares of Knowledge Marine & Engineering Works ended the previous session 1.9% up at ₹2,882 apiece. The stock has gained 7.1% in the past month and is up 49.6% this year, so far.

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