The international order is valued at $35.82 million and is scheduled to be executed over a period of 20 months. The company said the contract agreement will be signed after due diligence by both parties. Following execution of the agreement, the order will be added to RITES’ order book.
RITES said the order has been awarded by an international entity and does not constitute a related-party transaction. The company’s promoter or promoter group has no interest in the entity awarding the contract.
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Last month, RITES Ltd said it had secured a ₹175.41 crore project management consultancy (PMC) contract from Babasaheb Bhimrao Ambedkar University (BBAU) for infrastructure development works on its campus.
The order covers planning, design and development of infrastructural facilities and other related works at the university on a cost-plus PMC fee basis. The total project cost is approximately ₹175.41 crore, excluding GST, including RITES’ fees.
RITES said the contract has been awarded by a domestic entity and will be executed over 30 months from the date of signing of the agreement or until completion of the allotted work, whichever is later.
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Shares of RITES Ltd ended at ₹216.20, down by ₹1.90, or 0.87%, on the BSE.
(Edited by : Jomy Jos Pullokaran)
