Rites inks MoU with C-DAC for IT solutions

Rites said that it has signed a memorandum of understanding (MoU) with a Centre for Development of Advanced Computing (C-DAC) to collaborate on IT solutions for consultancy assignments.

C-DAC, a scientific society of the Ministry of Electronics and Information Technology (MeitY).

Under this MoU, both parties will explore opportunities for collaboration in areas such as e-Governance, cybersecurity & cyber forensic, cloud computing, big data analytics, free and open source software and solutions, IoT, Artificial Intelligence and Machine Learning, education and training, research and development in cutting-edge technologies relevant to various consultancy assignments.

As an initial step, the said companies will collaborate on developing the MAITRI platform, enabling digitalisation of trade information for the seamless movement of cargo between Indian and Middle East ports as part of the first phase of international Virtual Trade Corridor.

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. As of 31st December 2024, the Government of India held a 72.20% stake in the company.

The companys consolidated net profit declined 16.7% to Rs 100.09 crore in Q3 FY25 as compared with Rs 120.14 crore in Q3 FY24. Net sales declined 15.7% to Rs 575.76 crore during the quarter.

The counter shed 0.80% to end at Rs 218.25 on Wednesday, 12 February 2025.

Powered by Capital Market - Live News