RITES secures international order valued at USD 35.82 million for locomotive supply and commissioning
RITES Limited, a Schedule 'A' Enterprise of the Government of India, has secured a major international contract involving the supply and commissioning of specialized locomotives. The order was awarded by Volantis Asset Finance (Pty) Ltd., an entity based in South Africa.The contract involves RITES supplying and commissioning 4000 HP Cape Gauge Diesel Electric Locomotives. This agreement represents a significant win for RITES, who specializes in rail infrastructure and rolling stock solutions.
While the initial communication serves as an intimation of the order acceptance, it is noted that the formal Contract Agreement will be signed following due diligence conducted by both parties and subsequently added to RITES' official order book.
Key details regarding the secured order are presented below:
| Particulars | Details |
|---|---|
| Awarding Entity Name | Volantis Asset Finance (Pty) Ltd. |
| Order Nature | Supply and Commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives. |
| Client Type | International Entity |
| Contract Value | USD 35,820,000 |
| Execution Period | 20 months |
The transaction is explicitly noted as not being a Related Party Transaction, and the promoter group holds no interest in Volantis Asset Finance (Pty) Ltd. The contract confirms RITES' role as an international provider for critical rail transport equipment.
RITES Stock Price Movement
RITES Limited shares on Monday slipped by 0.77% to settle at ₹216.15 after trading through an intraday range that spanned from a low of ₹215.37 to a high of ₹218.92. The stock recorded a volume of 808,467 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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