RITES Ltd has secured a turnkey contract worth Rs 470 million (excluding taxes) for the construction and renovation of Government First Grade Colleges across Karnataka under the central government’s PM USHA Scheme. The order was awarded by the Department of Collegiate and Technical Education (DCTE), Unnatha Shikshna Soudha, Bengaluru.

Initially planned as a Project Management Consultancy (PMC) assignment, the project has been revised into a turnkey model inclusive of full construction scope and RITES’ fees. The contract is set to be executed over 36 months from the signing date and includes comprehensive infrastructure upgrades across various college campuses in the state.

In addition to this, RITES last week announced two major contract wins. One involves a $3.6 million international order from African Rail Company for supplying and commissioning two overhauled Cape Gauge ALCO diesel-electric locomotives. These locomotives, upgraded with new traction motors, bogies, air brake systems, and control systems, will serve operations in Zimbabwe, Mozambique, and Botswana, supported by warranty and technical services from RITES.

Separately, a joint venture between RITES and Aryan has received a Letter of Acceptance from South Western Railway for redeveloping Tumakuru Station. The scope of work includes civil construction, signal and telecommunication upgrades, and electrical services under an engineering, procurement and construction (EPC) contract.

On Friday, shares of RITES Ltd closed at Rs 278.35 on the BSE, down by Rs 2.05 or 0.73 per cent.