RITES loses Saudi Railway contract

RITES, the government-owned consulting company, has lost a contract to operate the newly constructed North-South Railway system (NSR) of the Saudi Railway Co following differences over how to run the railroad network. The contract, was awarded in September 2007, for a 25 year period. RITES held 51 per cent stake in a venture with the Tanzania Railway Corp, who then cancelled the contract. The two sides had concluded the final set of talks in January this year to chalk out the modalities in repatriating RITES' stake in the venture.Contact: RITES. Tel: 0124-257 1666.  Fax: 0124-257 1660. E-mail: info@rites.com Website: www.rites.com