RITES bags Rs 454-crore turnkey contract in Karnataka, shares surges over 1%

New Delhi: Transport Infrastructure CPSE, RITES Ltd has announced that its previously-awarded project management consultancy (PMC) contract from the Karnataka Mining Environment Restoration Corporation (KMERC) has been converted into a turnkey contract.

According to the exchange filing made, we are pleased to inform you that the order received from Karnataka Mining Environment Restoration Corporation for the construction of Railway PFTs at Dharmapura and Susheel Nagar in Ballari District under CEPMIZ for KMERC, was earlier awarded on a Project Management Consultancy (PMC) basis has now been converted into a turnkey basis.

The project involves the construction of two railway private freight terminals (PFTs) at Dharmapura and Susheel Nagar in Ballari District under the Comprehensive Environment Plan for Mining Impact Zone (CEPMIZ) for KMERC. The project, valued at Rs 453.99 crore (excluding GST), includes the project management consultancy fee and is expected to be completed within 30 months from the date of signing the agreement or the handover of the construction site.

Earlier also, RITES said it had received a letter of award for the supply, commissioning, and one-year onsite warranty of an overhaul in-service Cape Gauge 3100 HP, diesel-electric locomotive.

The company has received this order from Tsiko Africa Logistics (Pty) Limited. The broad consideration for the order is $4.28 million (around Rs 35.87 crore). The order has to be executed within six months with a one-year warranty, the company informed the bourses. In September, RITES Ltd emerged as the lowest bidder for a tender floated by the Uttar Pradesh State Bridge Corporation Limited.

The bid value was around Rs 60.03 crore, exclusive of taxes. As part of the deal, RITES will offer consultancy services for the construction of civil works (CSC) for supervision, monitoring, quality control, and work zone safety.