Knowledge Marine & Engineering Works announces acquisition of a New Vessel

Knowledge Marine & Engineering Works Ltd. "KMEW" (BSE: 543273), a leader in the business of dredging, owning and operating port ancillary crafts, repair and refits of marine crafts and providers of marine infrastructure. KMEW announces that it has signed a sale and purchase agreement with Abnco Vie Win Ent Pvt Ltd for the acquisition of a new vessel "Dumb Barge with Spuds D.B. Abnco I". This vessel has been acquired for a total consideration of Rs. 2.25 crores.

The vessel was built in 2010 and is being modified and retrofitted to the requirements and specifications of the work. KMEW anticipates that the vessel will be deployed in the near term at the Mangrol Fishing Harbour, Gujarat, for Capital Rock Dredging Work.

Commenting on the vessel acquisition, Mr. Sujay Kewalramani, CEO of KMEW said: "This vessel acquisition is an exciting part of the KMEW dredging strategy. It will not only strengthen our capabilities in rock dredging and dredging at shallow drafts but make us less dependent on third party contractors. This development allows us to open new avenues with our customers in rock dredging. This vessel acquisition will be the 12th addition to our fleet, since 2017 and it has been funded through internal accruals. KMEW remains very disciplined in the allocation of capital with specific return threshold in place."

Source : Equity Bulls

Keywords

KnowledgeMarineandEngineeringWorks Acquisition NewVessel