Synopsis:
A leading marine engineering and shipbuilding company secured a Rs. 385.76 crore, 15-year contract from V.O. Chidambaranar Port Authority to design, build, and operate a 60-ton electric green tug under India’s Green Tug Transition Program.
This company provides dredging services, owning and operating marine craft, and repairing, maintaining and refitting marine crafts and marine infrastructure is now in the focus after securing an order from V.O. Chidambaranar Port Authority.
With market capitalization of Rs. 2,592 cr, the shares of Knowledge Marine & Engineering Works Limited are currently trading at Rs. 2,397 per share, jumping 10% in today’s market session, making a high of Rs. 2,497.90, from its previous close of Rs. 2,272.70 per share.
About the contract
Knowledge Marine & Engineering Works Limited (KMEW), a leading marine engineering and shipbuilding company, announced that it has received a Letter of Intent (LOI) valued at Rs. 385.76 crore from the V.O. Chidambaranar Port Authority (VOCPA) for the hiring, manning, operation, maintenance, and technical management of a 60-ton Bollard Pull Electric Green Tug.
The contract is awarded under the Green Tug Transition Program (GTTP), which is India’s flagship maritime decarbonization initiative that will span 15 years, marking one of the longest-tenure contracts in KMEW’s history. The electric tug will be battery-operated and fully designed and built in-house, demonstrating KMEW’s technological capabilities and growing role in sustainable marine engineering.
This contract reinforces KMEW’s position as one of the first Indian private players to deploy GTTP-compliant zero-emission vessels, aligning with India’s Maritime Vision 2030, which aims for a 30% reduction in port carbon emissions and a shift toward cleaner propulsion systems.
The company has previously worked with VOCPA, supplying a 60T Azimuth Stern Drive (ASD) Tug, and this repeat order strengthens its strategic footprint in southern India. The project is expected to contribute significantly to India’s Maritime India Vision 2030 and the Paris Climate Agreement objectives by reducing carbon emissions in port operations.
Management commentary
Commenting on the development, Mr. Sujay Kewalramani, CEO of KMEW, stated that this LOI is a landmark achievement, showcasing KMEW’s readiness to lead India’s transition to green maritime infrastructure. The company aims to leverage its design and manufacturing strengths to reduce costs, improve operational efficiency, and establish a sustainable long-term business model.
The Green Tug Transition Program (GTTP) is a Rs. 10,000 crore national initiative launched to replace diesel-powered harbor tugs with electric and alternative-fuel-based vessels. Under the first phase (2024–2027), India’s major ports including Deendayal, JNPT, Paradip, Visakhapatnam, and VOCPA will deploy electric green tugs to support the nation’s climate goals and promote eco-friendly maritime operations.
About the company
Incorporated in 2015, KMEW is in the business of owning and operating Marine Crafts, dredging, repair and maintenance/refits of Marine Crafts and Marine Infrastructure. The Company provides multiple solutions of marine engineering including dredging at various ports, carrying out repair and refit services of naval and merchant ships, conducting hydrographic and magnetometer surveys and technical solutions for maintenance and operations of vessels.
Sales of the company slightly increased from Rs. 47 cr in Q4FY25 to Rs. 48 cr in Q1FY26. Operating profits rose to Rs. 20 cr from Rs. 17 cr. Net profit stands stable at Rs. 11 cr compared to the previous quarter.
Written by Manideep Appana
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