RITES gets Rs 915 crore order from Bangladesh Railways

22 May 2024 , 02:36 PM

RITES has secured a contract to supply 200 passenger carriages to Bangladesh Railways. 

At the time of writing on May 22 the shares of RITES were trading at ₹732.50 which is a 0.97% dip than the previous close. The stock has gained over 98% in the last one year, and 45% since the beginning of the year. 

The contract is valued at ₹915 Crore and is funded by the European Investment Bank (EIB) through a global competitive bidding process. In addition to supplying the carriages, RITES will provide expertise in design, spare parts support, and training, as per a regulatory filing on May 20. The contract entails a 36-month supply and commissioning period, followed by a 24-month warranty period.

RITES has previously contributed to Bangladesh’s infrastructure development by supplying 120 passenger coaches, 36 locomotives, and 10-meter gauge locomotives.

In April, RITES signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation to collaborate on project management consultancy for rail infrastructure works. The partnership aims to develop innovative infrastructure solutions for upgrading, renovating, and developing rail connectivity for power plants and surrounding areas.

For feedback and suggestions, write to us at [e-mail] 

For opening a demat account click on: https://www.indiainfoline.com/

For doing stock trading & investments, go to: https://ttweb.indiainfoline.com/trade/Login.aspx

For loans, go to: https://www.iifl.com/