Adani Ports Taps Cochin Shipyard for ₹450 Crore Tug Deal

29 Dec 2024 , 11:29 PM

Shares of Cochin Shipyard Ltd. shares rose almost 5% on December 27 after the company won an order from Adani Ports and Special Economic Zone Ltd. to build eight tugs. The total value of the contract for the tugs is estimated at ₹450 crore, with deliveries to begin in December 2026 and running through May 2028.

This order supports the Make in India and Aatmanirbhar Bharat initiatives, promoting local manufacturing and self-reliance in the maritime sector. Whole-time Director and CEO Ashwani Gupta of Adani Ports said that there is a commitment to strengthening India’s maritime infrastructure, and world-class local manufacturing capabilities are being leveraged to align with international standards.

Earlier, Adani Ports had placed two 62-tonne bollard pull ASD tugs with Cochin Shipyard for Ocean Sparkle. These had been ordered well in advance and have been deployed at Paradeep Port and New Mangalore Port.

The current order of three additional ASD tugs placed by Adani Ports with Cochin Shipyard is also an addition to the order made earlier. The new order brings the total tug orders for Adani Ports to 13, aimed at modernizing the fleet to ensure efficient and reliable port operations. This partnership highlights confidence in Indian PSUs and brings innovation and efficiency into maritime services.