RITES signs MoU with KIIFCON

RITES signed a memorandum of understanding (MoU) with KIIFCON to jointly explore, identify, secure and execute consultancy projects.

KIIFCON is a consultancy organization under Kerala infrastructure investment fund board (KIIFB), which facilitates sustainable infrastructure development in Kerala.

As part of the MoU, RITES and KIIFCON will work as partners to provide consultancy regarding development and execution for transport and infrastructure projects in various sectors, including highways, airports, ports & waterways, urban transport (metros), sustainability, urban/industrial planning, bridges & tunnelling, and railway infra etc., across the domestic and international market.

They will jointly develop a 'go-to' market strategy to work proactively and bring in best practices by leveraging each other's strengths to optimise operations.

Manobendra Ghoshal, chief strategy officer, RITES, said, "The partnership will facilitate exploring consultancy opportunities arising in multiple sectors. Apart from a diversified sector portfolio (for consultancy), RITES will also bring in technical expertise, and marketing capabilities to strengthen the association."

RITES, a Miniratna (Category - I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East region. It is the export arm of Indian Railways for providing rolling stock overseas.

The company's consolidated net profit declined 21.6% to Rs 132.42 crore on 13.9% fall in net sales to Rs 659.08 crore in Q2 FY23 over Q2 FY22.

Shares of RITES shed 0.21% to settle at Rs 339.60 on Friday, 30 December 2022.

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