RITES inks pact with IRFC to identify areas of collaboration
As part of the MoU, RITES will offer consultancy & advisory services and assist in ascertaining the financial & technical viability of projects, while IRFC will provide financial services to projects/ institutions that have got backward and or forward linkages with the Railways.
New Delhi: State-owned RITES Ltd on Thursday signed a memorandum of understanding (MoU) with Indian Railway Finance Corp. (IRFC) to explore avenues of mutual collaboration in the railway eco-system and the transport infrastructure sector.
As part of the MoU, RITES will offer consultancy & advisory services and assist in ascertaining the financial & technical viability of projects, while IRFC will provide financial services to projects/ institutions that have got backward and or forward linkages with the Railways.
“Together, RITES’ consultancy prowess and IRFC’s financial expertise will stimulate mega and critical projects and drive sustainable growth in the transport infrastructure sector. The strategic partnership, through knowledge sharing, will also bring in synergy and innovation in the consultancy domain,“ said Manobendra Ghoshal, Chief Strategy Officer, RITES Ltd.
RITES‘ stock today slipped 3.92 per cent to settle at ₹477.80. It has declined 6.28 per cent from its 52-week high of ₹509.80, touched in the previous session. Although, the scrip has gained 90.89 per cent from its one-year low price of ₹250.30, a level seen on July 27 last year.
RITES Ltd. has an experience spanning 49 years and has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.