Knowledge Marine -; Engineering Works acquires new vessel; Stock zooms 5%

19 Aug 2022 , 09:19 AM

Knowledge Marine & Engineering Works Ltd. “KMEW” has signed a sales deal with Abnco Vie Win Ent Pvt Ltd for purchase of a new vessel i.e. “Self Propelled Hopper Barge M.V. Abnco VI”. The vessel is acquired at a total cost of Rs3.50 crore. The said vessel is built in 2017 year and has a hopper capacity of 886 cubics.

Further, the mentioned vessel will be deployed in Mangrol and other fishing harbour for the Capital Dredging Work.

Commenting on the said acquisition, Sujay Kewalramani, CEO of KMEW said, “This acquisition is being made through internal accruals. This will be the 11th addition to our existing fleet and will give sufficient strength to explore emerging dredging opportunities and will broaden our project horizon.”

At around 9:18 AM, Knowledge Marine & Engineering was trading at Rs533.20 per share higher by 4.83% on the BSE.