RITES inks pact with National Railways of Zimbabwe for technical cooperation

29 Mar 2022 , 01:59 PM

RITES Limited, a leading player in Transport Infrastructure Consultancy and Engineering, has signed a  memorandum of understanding (MoU) with the National Railways of Zimbabwe (NRZ) on technical cooperation for transport and related infrastructure projects (from concept to commissioning).

The MoU strives to provide technical support in the field of rail infrastructure and development, rail transportation, including export/leasing of rolling stock, track works, upgrade of signalling and telecommunication systems, modernization of workshops. This partnership also intends to explore opportunities in metro rail systems and consultancy for buildings and airports.

Under the MoU, RITES will be responsible for providing technical expertise in engineering, design, and training. Whereas, NRZ will generate business leads in Zimbabwe.

This collaboration will facilitate knowledge sharing to promote efficient, safe, and sustainable infrastructure, along with creating a platform to enable the exploration of business avenues in Africa.

RITES is currently trading at Rs253.75 down by Rs0.5 or 0.2% from its previous closing of Rs254.25 on the BSE. It touched day’s high and low of Rs256.75 and Rs252.90 respectively so far.