Knowledge Marine & Engineering Works Limited (KMEW) has taken a significant step towards maritime sustainability by securing a ₹385.76 crore contract from V.O. Chidambaranar Port Authority (VOCPA) for an electric tug service. This 15-year agreement marks a pivotal moment in India's Green Tug Transition Program (GTTP) and reinforces KMEW's position in the evolving marine engineering sector.

Contract Details

Significance of the Contract

This contract is noteworthy for several reasons:

1. Environmental Impact: The electric tug aligns with India's Maritime Vision 2030, aiming to reduce carbon emissions in port operations by 30%.
2. Technological Advancement: KMEW will design and build the 60-ton Green Tug in-house, showcasing their capabilities in advanced marine solutions.
3. Strategic Expansion: This deal strengthens KMEW's presence in southern India and diversifies their specialized port services portfolio.
4. Long-term Revenue Visibility: The 15-year contract duration provides KMEW with steady, long-term revenue prospects.

Implications for KMEW and the Industry

1. Market Position: This contract positions KMEW among the select Indian companies deploying GTTP-compliant electric tugs.
2. Innovation Leadership: By developing the tug in-house, KMEW demonstrates its commitment to innovation and sustainability in marine engineering.
3. Future Opportunities: As more Indian ports transition to green technologies, KMEW is well-positioned to secure similar contracts.

Industry Context

The Green Tug Transition Program is part of India's broader initiative to decarbonize its maritime sector. With an investment of ₹10,000 crore, the program aims to replace diesel-powered harbor tugs with zero-emission alternatives between October 2024 and December 2027.

Management's Perspective

Sujay Kewalramani, CEO of KMEW, expressed pride in securing this landmark contract, stating, "This 15-year contract, one of the longest and most strategically significant in our portfolio, reflects the trust placed in us by V.O. Chidambaranar Port Authority and reaffirms our commitment to delivering innovative, reliable, and environmentally responsible marine solutions."

Conclusion

KMEW's latest contract is not just a business win but a step towards a more sustainable maritime future. As India pushes for greener port operations, companies like KMEW that can deliver innovative, environmentally-friendly solutions are likely to see increased opportunities and growth in the coming years.

Knowledge Marine & Engineering Works Limited (KMEW) has provided clarification regarding the ultimate beneficial owners for a proposed preferential share allotment to Suryashakti Management Services Private Limited. The company submitted this information as part of its regulatory compliance requirements.

Key Details of the Preferential Allotment

KMEW has disclosed that Suryashakti Management Services Private Limited will receive 52,632 equity shares, representing a 0.43% shareholding post-issue. The company has identified the following individuals and entities as the ultimate beneficial owners:

Regulatory Compliance

The clarification was submitted in accordance with Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulations, 2015, as amended. This disclosure ensures transparency in the preferential allotment process and provides crucial information to the company's shareholders and potential investors.

Company Background

Knowledge Marine & Engineering Works Limited, with the CIN L74120MH2015PLC269596, is engaged in ship building, repairing, chartering, and marine contracting. The company's registered office is located in Mumbai.