RITES rises on inking MoU with SMEC for exploring infra projects

12 Jan 2022 , 09:35 AM

SMEC is a global engineering consultancy firm owned by Surbana-Jurong (SJ) Group – a global urban, infrastructure and management consulting firm. SMEC provides technical expertise and advanced engineering services to resolve complex challenges in roads, highways, rail, metro, airports, hydropower, and renewable energy markets and has delivered projects in more than 100 countries.

The MoU will enable RITES and SMEC to collaborate and cooperate to explore, identify, pursue, and jointly execute mutually beneficial business opportunities in the infrastructure sector. It will allow both companies to leverage each others expertise and technologies to optimise operations and expand on a global level.

The collaboration will facilitate knowledge sharing and the development of business proposals, including exploring consultancy opportunities arising at various government/semi-government/autonomous bodies or authorities/private entities/multilateral-funding agencies.

RITES is a miniratna (category – I) schedule A public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2021, the Government of India held 72.2% stake in the company.

RITES consolidated net profit rose 30.41% to Rs 168.97 crore on a 72.06% increase in net sales to Rs 755.18 crore in Q2 FY22 over Q2 FY21.

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