RITES signs agreement for 24 per cent stake in IRSDC

Leading infrastructure consultancy and engineering company RITES has signed a shareholders' agreement to acquire a 24-per-cent stake in Indian Railway Stations Development Corporation (IRSDC) for Rs.480 million, with the Rail Land Development Authority (RLDA) and IRCON International being the other equity partners.

“During the lockdown, RITES continued to focus on key business deals like exports to Africa, signing of the IRSDC shareholders’ agreement, etc, and now we have hit the ground running as we resume most of our operations within the guidelines issued by the government,” says Rajeev Mehrotra, Chairman & Managing Director, RITES. “While resuming business activities, the safety and wellbeing of our employees during these challenging times would remain our top priority. RITES has implemented a standard operating procedure (SOP) to guide employees about precautions and safety measures at work.”

During the lockdown period, apart from concluding negotiations for a major export deal with CFM Mozambique enhanced to Rs.7 billion on account of increase in quantity, RITES has been able to successfully deliver the 188-rkm Vijaypur-Pachore Road-Maksi section railway electrification project in Madhya Pradesh. Besides working from home on various reports, tenders and design-based projects, it continued its operations at most locomotive leasing sites and inspection office at Bhilai.