RITES secures $4.28M International Contract from Tsiko Africa

New Delhi: RITES Limited announced on Tuesday that it has secured a major international contract from Tsiko Africa Logistics. The railway engineering company received a letter of award from the Africa-based firm for the supply, commissioning, and one-year onsite warranty of overhauled in-service cape gauge 3,100-horsepower, diesel-electric locomotive.

The contract, valued at $4.28 million (Rs 35.8 crore), is ready for execution over six months, followed by a one-year onsite warranty. 

The company has been on an order-winning spree. Last week, it signed two separate contracts with Adani Ports & SEZ and Delhi Metro Rail Corporation Limited (DMRC).

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The public sector firm secured a Rs 100 crore railway operation and maintenance contract from Adani Ports for providing services at the Dhamra Port Company. The detailed letter of intent will be issued in due course, based on mutually agreed rates and other relevant terms and conditions, the company said in a statement.

Earlier, it emerged as the lowest bidder in a tender issued by DMRC which involved retrofit work in RS-1 trains. RITES will hold a 49% stake in the project, amounting to about Rs 42.91 crore. The contract is anticipated to be completed within three years of the issuance of the letter of award.

Despite this, RITES’ shares were muted at Rs 344.70 on Tuesday morning.

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