Posted on August 30, 2023
Knowledge Marine & Engineering Works Ltd, through its subsidiary Knowledge Dredging Co. W.L.L, has received a Letter of Intent (LOI) from Eastern Asphalt & Mixed Concrete Co. W.L.L for the supply of dredged marine sand in Bahrain. The contract is valued at 1.87 million Bahrani Dinar, approximately equivalent to Rs 41.51 crore, and spans over a five-year period.
This marks the company’s fifth LOI for the supply of dredged marine sand in Bahrain, bringing the cumulative LOI value to approximately Rs 383 crore for the next five years. The demand for sand in the construction sector highlights its crucial role in propelling development within the Bahraini economy.
Speaking about the achievement, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd, stated, “We are thrilled to declare our ongoing dedication to the ‘Waste to Wealth’ revenue model. We are delighted to inform you that we have recently secured another LOI for the supply of marine sand in Bahrain, which profoundly emphasizes the considerable demand for sand within the construction sector.”
Knowledge Marine & Engineering Works Ltd is primarily engaged in the business of owning, hiring, and operating marine crafts, as well as maintenance of marine infrastructure and allied works in India. The company is backed by ace investor Ashish Kacholia, who holds the highest public stake in the company at 2.78% as of June 2023. With a market cap of over Rs 1,900 crore, the company has been generating significant returns for investors.