Rites to receive Rs 92 crore from foreign client for withdrawal of arbitration proceedings

Rites has signed an agreement on 30 August 2019 with a foreign client for receipt of payment of an amount of USD 12,818,152.17 (approx. Rs. 92 crore) on or before 15 September, 2019 being outstanding payment due to RITES, for which arbitration proceedings were already initiated. RITES has agreed to withdraw the arbitration proceedings on receipt of the total payment as above.

Out of this amount, USD 9.19 Mn (approx Rs.66 crore) is towards principal which is already provided for in the books of RITES and USD 3.62 Mn (approx Rs.26 crore) is towards interest income which is not yet recognised due to uncertainty.

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