RITES consortium emerges lowest bidder for railway project in Bangladesh

RITES led consortium emerged as the lowest bidder (L-1) during competitive bidding process by Bangladesh Railways for construction of dual guage railway line from Bogura to Shahid M. Mansur Ali station of Bangladesh railway.

This is 80 KM long green field project and it has two phases- the first phase involves preparation of DPR and the second phase involves construction supervision. Duration is 13 months for phase - 1 and 30 months for phase - 2. The project is funded by Exim Bank of India under LOC.

Total fee income would be about Rs 63 crore and signing of contract is expected to take place soon, the company said.

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 31 December 2020, the Government of India held 72.2% stake in the company.

The PSU company's consolidated net profit declined 29.8% to Rs 105.31 crore on 27.51% decline in revenue from operations to Rs 449.29 crore in Q3 FY21 over Q3 FY20.

The RITES scrip shed 0.34% to currently trade at Rs 237.80 on the BSE. It traded in the range of 236.90 and 242 so far during the day.

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