State-owned firm Cochin Shipyard Limited announced on Saturday that it has signed shipbuilding contracts with Denmark-based Svitzer for the construction of advanced electric towing vessels.

The order, classified as ‘significant’ by the Miniratna company, falls within the value range of Rs 250 crore to Rs 500 crore. Advertisement

Following the development, the company stated that the contract entails building four 26-metre fully electric 'TRAnsverse' tugs, specifically the ‘TRAnsverse 2600E’ model, with a 70-tonne bollard pull capacity. The agreement also includes an option for the construction of up to four additional vessels.

On Friday, shares of Cochin Shipyard gained for the second straight session to close 0.27% higher at Rs 1,644 against its previous close of Rs 1,639.60 on the BS

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