RITES Ltd, a railway related company, has received a big order from Adani Group. Government company RITES Limited on Friday (September 27) said that it has received work worth Rs 100 crore from Adani Ports and SEZ Limited (APSEZ). Under this, Letter of Award (LOA) has been received to provide railway operation and maintenance services at Dhamra Port. This order, worth approximately ₹100 crore excluding GST, is to be completed in 5 years.
Will work for Delhi Metro
Earlier, RITES Limited-led consortium emerged as the lowest bidder in the Delhi Metro Rail Corp Ltd tender. The bid for this was ₹87.58 crore. RITES Consortium has emerged as the lowest bidder (L-1) in the tender issued by Delhi Metro Rail Corporation Limited for retrofit work in DMRC’s RS-1 trains, a stock exchange filing said. Rights account for 49% or ₹42.91 crore of the total tender value, which includes GST. RITES said the consortium would have to be completed within three years.
Bonus share announcement
Recently RITES Limited announced 1:1 bonus share allotment and final dividend of ₹5 per share for eligible shareholders. PSU share prices have increased by more than 45% this year. Shares of RITES Ltd closed at ₹357.70, down ₹7.70 or 2.11% on the BSE.
company plan
RITES Limited is focused on becoming a future-ready company with a number of measures focused on IT and AI. Recently, Rahul Mithal, Chairman and Managing Director of an infrastructure, consultancy and engineering company under the Railway Ministry, said this in a statement. Over the last five decades, RITES has grown from humble beginnings to achieving the prestigious Navratna status in the current financial year.