Knowledge Marine acquires new vessel ‘Dumb Barge with Spuds D.B. Abnco I'

26 Sep 2022 , 02:16 PM

Knowledge Marine & Engineering Works Limited announced the signing of a sale and purchase agreement with Abnco Vie Win Ent Pvt Ltd for the procurement of a new vessel, the “Dumb Barge with Spuds D.B. Abnco I.” This vessel is being purchased for a total sum of Rs2.25 crore.

The vessel was built in 2010 and is being upgraded and adapted to meet the work’s criteria and standards. KMEW expects the vessel to be deployed soon at the Mangrol Fishing Harbour in Gujarat for Capital Rock Dredging Work.

“The acquisition of this vessel is an exciting aspect of KMEW’s dredging plan. It will not only improve our skills in rock dredging and dredging at shallow draughts, but it will also reduce our reliance on third-party contractors,” commented Sujay Kewalramani, CEO of KMEW.

This advancement enables us to explore new opportunities with our clients in rock dredging. This vessel is the 12th addition to our fleet since 2017, and it was paid for through internal accruals. KMEW continues to be highly conservative in its capital allocation, with a particular return criterion in place, he added.

At around 2.22 PM, Knowledge Marine was trading 1.65% lower at Rs575.25 per share, against previous close of Rs584.90 on BSE.

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