BAJAJ BROKING
RITES Ltd has secured a ₹454-crore turnkey contract from KMERC for two railway freight terminals in Karnataka. The project is part of a mining environment restoration initiative and is expected to be completed within 30 months.
RITES Ltd, a leading engineering consultancy firm, has announced the conversion of its project management consultancy (PMC) contract with the Karnataka Mining Environment Restoration Corporation (KMERC) into a turnkey contract. The project, valued at ₹454 crore (excluding GST), involves the construction of two railway private freight terminals (PFTs) in Ballari District, Karnataka, under the Comprehensive Environment Plan for Mining Impact Zone (CEPMIZ).
The PFTs, located at Dharmapura and Susheel Nagar, are designed to facilitate freight movement for the mining industry, supporting the state's environmental restoration efforts. The project’s conversion to a turnkey contract means that RITES will now be responsible for the complete execution of the project, from design to construction, offering a more comprehensive solution to KMERC.
The ₹454-crore project includes the project management consultancy fee, with RITES managing every aspect of the development, including engineering, procurement, and construction. The entire project is expected to be completed within 30 months from the date of agreement signing or site handover.
RITES was initially awarded the contract as a PMC project, but the recent transition to a turnkey model enhances the company’s involvement, ensuring delivery of end-to-end projects. The PFTs are a critical infrastructure component in the region, and their development aims to improve logistics and reduce environmental impacts caused by mining activities in Karnataka.
In addition to this Karnataka project, RITES has been active in securing other contracts. On October 1, RITES announced receiving a $4.28 million (approximately ₹36 crore) contract from Tsiko Africa Logistics (Pty) Limited for the supply and commissioning of a diesel-electric locomotive. Additionally, RITES emerged as the lowest bidder in a ₹60-crore tender for consultancy services related to bridge construction in Uttar Pradesh.
Following the announcement of the turnkey contract, shares of RITES Ltd were down by 2.62% to ₹292.20 on the BSE. While the project is a significant win, the RITES share price saw a minor dip, likely reflecting broader market sentiment.
The ₹454-crore contract for railway freight terminals marks another significant step for RITES in expanding its portfolio of infrastructure projects. With multiple contracts in place, the company is well-positioned to continue its growth trajectory in the engineering and consultancy sector.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Stress Testing: Meaning, How It Works, Types and Examples
20 Dec, 2024 | 5 Min. read
Hyundai Motor India Partners with Amara Raja for AGM Battery Technology
20 Dec, 2024 | 2 Min. read
KPI Green Energy Signs MoU with Rajasthan for Hybrid Solar-Wind Projects
20 Dec, 2024 | 2 Min. read
JK Cement Wins Bid for Mahan Coal Mine in Madhya Pradesh
20 Dec, 2024 | 2 Min. read
Share Market Today | Gift Nifty Hints At Consolidation Between 23,800-24,500
20 Dec, 2024 | 4 Min. read
SEBI Tightens SME IPO Rules with Focus on Financial Stability
20 Dec, 2024 | 2 Min. read
Bajaj Broking Research Desk’s Calendar Year 25 Strategy Report
20 Dec, 2024 | 2 Min. read
Know the Objective & Analysis of Ventive Hospitality IPO
20 Dec, 2024 | 3 Min. read
How to Apply for Ventive Hospitality IPO & Check Allotment Status?
20 Dec, 2024 | 3 Min. read
How to Apply for Carraro India IPO & Check IPO Allotment Status?
20 Dec, 2024 | 3 Min. read
Gold Price in India | Gold and Silver Prices Drop Amid Market Volatility
19 Dec, 2024 | 40 Min. read
How to Apply for Mamata Machinery IPO & Check Allotment Status?
19 Dec, 2024 | 3 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading