RITES Signs MoU with IRFC to Boost Railway Projects

27 Jul 2023 , 03:14 PM

RITES, formerly known as Rail India Technical and Economic Service Limited, has signed an MoU with the Indian Railway Finance Corporation (IRFC).

The MoU aims to identify mutual areas of interest in railway projects and foster collaboration between the two entities. IRFC’s role in providing financial assistance to projects/institutions linked to the Railways will be expanded through this partnership

RITES will offer its expertise in assessing the technical and financial viability of projects, providing advisory and consultancy services to IRFC.

On July 24, RITES secured a significant deal worth approximately Rs 500 crore by becoming the lowest bidder in the tenders for locomotives and wagons procurement in Mozambique.

A board meeting is scheduled for July 28 to discuss and approve RITES’ standalone and consolidated unaudited financial results for the quarter ended on June 30.

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