RITES, Andal Diesel Shed enter into agreement for repair & maintenance of locomotives

13 Jun 2024 , 10:49 AM

RITES Limited announced the signing of a Memorandum of Understanding (MoU) with Eastern Railway’s Andal Diesel Shed in West Bengal’s Asansol Division.

According to RITES’ stock exchange filing, this arrangement sets a framework for collaboration on significant scheduled repairs and maintenance of diesel-electric locomotives operated by the firm and other clients at the Andal Diesel Shed facility.

The state-owned corporation informed the bourses that the partnership’s goal is to expedite diesel locomotive repair and maintenance processes. As part of this agreement, RITES will find and obtain commercial prospects for more frequent repairs, while the Andal Diesel Shed will perform the maintenance work.

On May 20, RITES reported in another regulatory filing that it signed a deal with Bangladesh Railways to supply 200 broad-gauge passenger carriages to the country. The contract, valued at $111.26 million (about ₹915 crore), was funded by the European Investment Bank (EIB) through a global competitive bidding process. The deal states that RITES will offer the essential equipment as well as experience in design, spare parts support, and training.

RITES further stated that it has long participated in Bangladesh’s infrastructure development, having previously delivered 120 broad gauge (BG) passenger coaches, 36 BG locomotives, and 10-metre gauge locomotives to Bangladesh Railway. In addition, RITES has participated in a number of other infrastructure projects in Bangladesh.

The company’s market capitalization has positioned it among India’s top 500 listed firms, a testament to the high-quality solutions and services it provides, which are powered by its skilled pool of people.

At around 10.44 AM, RITES was trading 0.40% higher at ₹684, against the previous close of ₹681.25 on NSE. The counter touched an intraday high and low of ₹688.10, and ₹676.50, respectively.

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