Knowledge Marine Secures ₹384 Crore Contract with Visakhapatnam Port
Filing Summary
Knowledge Marine & Engineering Works Ltd (KMEW) has received a Letter of Award from Visakhapatnam Port Authority for the manning, operation, maintenance, and technical management of a contractor-owned ASTDS-GTTP Tug. The contract is valued at ₹384 Crores, inclusive of taxes, and spans a period of 15 years. This order is part of the Green Tug Transition Program, focusing on zero-emission technology. The contract does not involve related party transactions, and the promoter group has no interest in the awarding entity. The project aligns with India’s maritime decarbonization initiatives.
Knowledge Marine & Engineering Works Limited (KMEW) has been awarded a contract by the Visakhapatnam Port Authority for the manning, operation, maintenance, and complete technical management of a contractor-owned ASTDS-GTTP Tug. The contract is valued at ₹384 Crores, inclusive of taxes, and will be executed over a period of 15 years. This award is part of the Green Tug Transition Program, which aims to promote sustainable maritime operations through zero-emission technology.
The financial terms of the contract specify a total value of ₹384 Crores, which includes all applicable taxes. The project involves the deployment of a 60 Ton Bollard Pull Capacity Electric Tug, compliant with the Green Tug Transition Program. The contract is structured to cover a comprehensive range of services, including manning, operations, maintenance, and technical management over the specified duration.
Operationally, the contract involves the management of a 60 Ton Bollard Pull Capacity Electric Tug. This tug is designed to operate under the Green Tug Transition Program, which emphasizes the use of battery-operated electric tugs to reduce emissions. The scope of work includes the complete technical management of the tug, ensuring adherence to the program’s sustainability objectives.
The timeline for the contract execution is set at 15 years. During this period, KMEW will be responsible for the continuous operation and maintenance of the tug, ensuring compliance with the technical and operational standards outlined in the contract. The long-term nature of the contract reflects the strategic importance of the project within the broader context of maritime sustainability initiatives.
The primary parties involved in this contract are Knowledge Marine & Engineering Works Limited and the Visakhapatnam Port Authority. KMEW will undertake the operational responsibilities as outlined in the contract, while the Visakhapatnam Port Authority acts as the awarding entity. There are no related party transactions involved, and the promoter group of KMEW has no interest in the Visakhapatnam Port Authority.
This contract is significant within the context of India’s Green Tug Transition Program, which aims to decarbonize the maritime sector by replacing diesel-powered tugs with zero-emission alternatives. The program is part of a broader initiative to reduce carbon emissions and promote sustainable port operations across India. The contract awarded to KMEW aligns with these objectives, contributing to the country’s efforts to achieve its climate goals under the Paris Agreement.
About Visakhapatnam Port Authority: The Visakhapatnam Port Authority is a major port in India, playing a crucial role in the country’s maritime trade. It is actively involved in initiatives to enhance sustainability and reduce emissions in port operations, aligning with national and global environmental standards.
About Knowledge Marine & Engineering Works Ltd: Established in 2015, KMEW specializes in marine engineering services, including the ownership and operation of marine crafts, dredging, and maintenance. The company is committed to integrating sustainable practices into its operations, aligning with India’s maritime decarbonization efforts.