Knowledge Marine & Engineering Works Ltd receives LOI from V O Chidambaranar Port Authority

Knowledge Marine & Engineering Works Limited ("KMEW") (BSE: 543273) (NSE: KMEW) is proud to announce its landmark achievement that we have been awarded a maidan Letter of Intent ("LOI") from V. O. Chidambaranar Port Authority (VOCPA) for Hiring of 1 No. 60 Ton Bollard Pull capacity Electric Tug under GTTP (Green Tug Transition Program) compliance Battery operated Electric Green Tug ("60 Ton Green Tug") along with Manning, Operations, Maintenance and complete Technical Management at VOCPA. The said LOI is valued at ₹ 385.76 Crores (Rupees Three Hundred Eighty-Five Crores and Seventy-Six Lakhs Only) including taxes for a period of 15 years.

This milestone positions KMEW among a selected group of Indian companies entrusted with deploying GTTP-compliant electric tugs, underscoring our commitment to sustainable innovation and operational excellence. This is one of the longest tenured LOI the Company has received in the last decade. The 60-ton Green Tug will be designed and built in-house, reflecting KMEW's growing capabilities in delivering advanced marine solutions tailored to evolving environmental standards.

Following our earlier success at VOCPA with the conventional 60T Azimuth Stern Drive (ASD) Tug, this back-to-back win reinforces KMEW's strategic presence in southern India and its ability to offer a diverse portfolio of specialized port services.

This contract aligns seamlessly with India's broader climate goals and the Maritime India Vision 2030, which calls for a 30% reduction in carbon emissions per ton of cargo handled and a transition to cleaner fuels across port operations. As part of the GTTP, major ports across India are mandated to adopt zero-emission tugs, and KMEW is honoured to be at the forefront of this national movement.

KMEW remains deeply committed to integrating sustainable technologies into its marine operations, supporting the Government's vision for a low-carbon, resilient maritime ecosystem. Through this engagement, we reaffirm our ethos of innovation, environmental stewardship, and long-term value creation for stakeholders and the nation.

Commenting on the LOI, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said that, We are immensely proud to announce that KMEW has secured its first Green Tug contract under the Green Tug Transition Program (GTTP) - a defining moment not just for our company, but for the future of sustainable maritime operations in India. 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.

The deployment of a 60-ton Green Tug - designed and built entirely in-house - showcases our technical capabilities and our readiness to lead India's transition to zero-emission port infrastructure. In house designing and production of 60 Ton Green Tug will reduce overall cost and propels our operational efficiency.

This project aligns seamlessly with the Maritime India Vision 2030 and the country's climate commitments under the Paris Agreement, and we are honoured to be at the forefront of this transformation.

At KMEW, we believe that sustainability and growth go hand in hand. This contract not only strengthens our presence in southern India but also sets the stage for long-term value creation, steady revenue visibility, and a robust green business model. As we move forward, we remain deeply committed to integrating clean technologies, building resilient marine assets, and contributing meaningfully to India's vision of a low-carbon, future-ready maritime ecosystem."

This order is first of the orders that we expect from the major ports in the upcoming future.

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 2276.00 as compared to the previous close of Rs. 2208.55. The total number of shares traded during the day was 1796 in over 418 trades.

The stock hit an intraday high of Rs. 2283.00 and intraday low of 2196.50. The net turnover during the day was Rs. 4032484.00.

Source : Equity Bulls

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