RITES shares in focus as co signs MoU with CFM Angola for railways infra development

Shares of RITES Ltd, a transport infrastructure consultancy and engineering firm, will be in focus on Wednesday morning after the company informed stock exchanges that it has signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in the development of railways and related infrastructure, including the supply of rolling stock.

The stock, which settled 9.46 per cent lower on Tuesday, is up 50 per cent year-to-date.

As part of the MoU, RITES and CFM Angola will collaborate in areas such as supply of Rolling stock, railway infrastructure projects, repairing of rolling stock, operations and maintenance of railway infrastructure, information technology services, technical maintenance and master planning and more.

Chief Strategy Officer Manobendra Ghoshal said: “We are delighted to sign this MoU with CFM Angola, which highlights our concerted efforts under the strategic initiative ‘RITES Videsh’. This partnership will enable us to share our expertise and resources, and we look forward to a long and successful relationship.”

RITES is a miniratna (Category – I) Schedule ‘A’ public sector enterprise which is engaged into transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.

The company board this week appointed Nikhil Agarwal, working as Deputy General Manager in RITES, as Company Secretary & Compliance Officer with effect from the date of relieving of Shri Joshit Ranjan Sikidar, the present Company Secretary & Compliance Officer of the company.

RITES recently signed a memorandum of understanding (MoU) with iHUB DivyaSampark, IIT-Roorkee, to jointly explore business opportunities related to innovative

technologies. Both entities will also collaborate and explore AI applications in the fields such as rolling stock maintenance, inspection, maintenance of bridges, office management, and airports.

Under the arrangement, RITES and iHUB DivyaSampark IIT-Roorkee will collaborate on projects, events, and network facilitation to explore opportunities for Cyber Physical Systems-related innovation and emphasis on developing technology/Industry 4.0 and AI-based solutions.

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