Home > Companies > News > RITES signs pact to acquire 24% stake in Indian Railway Station Development

NEW DELHI: State-owned RITES Ltd on Friday said it has signed an agreement to buy 24% stake in Indian Railway Station Development Corp. Ltd, (IRSDC), the company tasked with redeveloping railway stations across the country.

RITES has also resumed operations at most of its offices and project sites after the government eased the covid-19 induced lockdown rules across the country. It has achieved more than half of its capacity and will scale up its activities going forward, the company said.

“During the lockdown RITES continued to focus on key business deals like exports to Africa, signing of IRSDC shareholders’ agreement etc. and now we have hit the ground running as we resume most of our operations within the guidelines issued by the government," Rajeev Mehrotra, chairman & managing director, RITES Ltd said.

The company has implemented a standard operating procedure (SOP) to guide its employees about precautions and safety measures at work, Mehrotra added.

Along with its corporate office in Gurugram, project offices at Ahmedabad, Bhubaneswar, Secunderabad and inspection offices at Bhilai, Delhi and Chennai have started operations.

“Key project activities have been resumed at various sites like rail line doubling project at Gooty-Dharmavaram, railway electrification work in Rajasthan, project monitoring services at several rail connectivity work of power plants and coal mines, workshops modernization at Bikaner in Rajasthan, Kurdawadi in Maharashtra, Lumding in Assam, Sarla in Odisha, quality assurance work at various locations etc," an official statement said.

During the lockdown, the company delivered the 188 route kilometre Vijaypur-Pachore Road-Maksi section railway electrification project in Madhya Pradesh. Besides working from home on various reports, tenders and designing based projects, it continued its operations at most of the locomotive leasing sites and inspection office at Bhilai.

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