RITES Limited shares are expected to remain in focus on January 3, 2025, following the company’s announcement of a significant order win from the Steel Authority of India Limited (SAIL) – Bhilai Steel Plant.
The company has secured a work order worth Rs 69.78 crore for the repair of 43 WDS6 locomotives over a period of three years. This order strengthens RITES’ position as a key partner for specialized engineering solutions.
Subsidiary Signs MoU with IRFC
In another major development, the subsidiary of RITES, REMC has signed an MoU with Indian Railway Finance Corporation- IRFC. The joint objective of the association is to work on the financing arrangement for power projects which would supply electricity to Indian Railways.
The MoU includes a comprehensive partnership in transaction advisory, project management services, DPR reviews, and consultancy regarding the financing of various power projects. These may, excluding those awarded by REMC, comprise thermal, nuclear, and renewable projects under the captive model through joint ventures between Indian Railways and other entities.
The execution of the project will be carried out smoothly, with REMC and IRFC combining their expertise and resources for this purpose. The focus will be on supporting India’s energy needs in the railway sector.
Continuing with its laurels, RITES recently received a notification of intention to award a contract valued at $9.7 million from the Ministry of Public Works, Government of the Co-operative Republic of Guyana. This contract once again underlines RITES’ expanding international footprint and the ability to deliver high-quality engineering and consultancy services.
These developments speak volumes about the strategic growth RITES pursued in domestic and global markets and help to establish it as a trusted partner for infrastructure and engineering projects.
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Source: Moneycontrol
News Desk
