RITES Ltd has secured an international order from Volantis Asset Finance (Pty) Ltd of South Africa for the supply and commissioning of 4,000 HP Cape gauge diesel-electric locomotives, the company announced. The contract is valued at $35.82 million (mn) and covers delivery and commissioning work tailored to Cape gauge networks. The locomotives are rated at 4,000 HP and will be supplied under the terms agreed with the South African financier.

The international order is scheduled to be executed over a period of 20 months and the firm indicated that a formal contract agreement will be signed after due diligence by both parties. Once the agreement is executed, the order will be incorporated into RITES' order book and treated as an international award unrelated to any promoter or promoter group interest. The company clarified that the transaction does not amount to a related-party transaction and that its promoter group holds no interest in the entity awarding the contract.

Earlier, RITES had secured a domestic project management consultancy contract from Babasaheb Bhimrao Ambedkar University for campus infrastructure works valued at Rs 1.7541 billion (bn), excluding goods and services tax, with the assignment to be executed on a cost-plus fee basis. The task covers planning, design and development of infrastructural facilities and related works and is to be completed over a period of 30 months from the agreement date or until practical completion. The university engagement underlines the company's continuing order inflows across international and domestic markets.

Shares of RITES ended at Rs 216.20 on the BSE, down by Rs 1.90 or 0.87 per cent, reflecting a modest market reaction to the disclosures. The company expects the international order to strengthen its overseas portfolio while the domestic assignment reinforces recurring consultancy revenues. Investors will monitor execution timelines and contract signatures as the company formalises the agreements.