RITES inks pact with Tata Steel to jointly explore integrated infra services; stock marginally higher

13 Apr 2022 , 01:45 PM

RITES Limited, a leading transport and infrastructure consultancy and engineering company entered into a memorandum of understanding (MoU) with Tata Steel Limited to synergize their expertise.

RITES and Tata Steel will combinedly offer services in the areas of railway rolling stock exports and enhance infrastructural capabilities for buildings, urban engineering, airports, and information technology. The two companies will also explore capacity enhancement for urban mass rapid transport, including metro railway systems, for both domestic and international markets.

As part of this MoU, RITES will be responsible for providing expertise in design, marketing, operation & maintenance, and support required for tapping domestic as well as overseas markets, while Tata Steel’s New Materials Business (NMB) division will be carrying on the development and manufacturing of customized products as per the clients’ requirements in coordination with RITES.

RITES is currently trading at Rs279.15 up by Rs1.4 or 0.5% from its previous closing of Rs277.75 on the BSE. It touched day’s high and low of Rs286.80 and Rs276.50 respectively.