Knowledge Marine & Engineering Works Ltd has received the Letter of Award (LoA) from the Inland Waterways Authority of India (IWAI) for the procurement for 'Fairway-Maintenance on Quantity Based Dredging of Barh - Digha Stretch (74 Km) for National Waterway - 1 (River Ganga)". The contract, valued at Rs 73.14 Crores, spans a duration of three years and further extendable by 2 more years.
KMEW has been awarded the contract for dredging operations along the 74 km stretch of National Waterway - 1, from Barh to Digha. This initiative is part of IWAI's ongoing efforts, known as the Jal Marg Vikas Projects, aimed at revolutionizing vessel navigation on National waterways. Over the course of three years, with potential extensions based on performance, KMEW will focus on quantity-based dredging operations.
With the recent securing of a second contract from National Waterways - 1, the company is poised to pursue and secure additional contracts, extending beyond the confines of National Waterways - 1. It aims to explore more opportunities in National Waterways - 1, 2 and 3, recognizing their vast potential. With the national waterways network spanning approximately 20,275.5 kilometres, the company stands at the forefront, well-prepared to capitalize on these opportunities. Upon completion of projects and active participation in bidding processes, the company anticipates not only resilience but also sustained growth and success in the future.
KMEW is set to mobilize two Cutter Suction Dredgers for both the newly secured project and the earlier one. Previously, the company utilized trailers, backhoes, and grab dredgers. This venture marks KMEW's enthusiastic entry into the Cutter Suction Dredger market.
Commenting on the Letter of Award (LoA), Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said that, "We are pleased to announce our latest achievement. Following our breakthrough with the first contract awarded by IWAI, KMEW has now secured yet another significant contract for another crucial stretch, marking a total of 220 km under our belt. National Waterway 1, spanning a length of 1620 km, holds immense importance, and maintaining a targeted Least Available Depth in various stretches is paramount. KMEW has been actively participating in bids for different stretches identified along National Waterway 1. Furthermore, it will also participate in National Waterways 2 and 3 as they are operational and offer immense opportunities, presenting us with abundant prospects for further inland waterway projects. This accomplishment not only underscores our commitment to excellence but also solidifies our position as a key player in the enhancement and development of inland waterway infrastructure."
Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1290.00 as compared to the previous close of Rs. 1259.75. The total number of shares traded during the day was 2750 in over 20 trades.
The stock hit an intraday high of Rs. 1290.00 and intraday low of 1249.00. The net turnover during the day was Rs. 3511425.00. |
