RITES bags $5.4M Order from African Rail Firm

RITES' shares were unchanged after the company announced it had secured a major order from Ntokoto Rail Holdings to supply and commission overhauled locomotives.  RITES has received the Letter of Acceptance (LOA) from Ntokoto Rail Holdings for the supply and commissioning of overhauled in-service cape gauge ALCO diesel-electric locomotives, fitted with new cape gauge bogies, traction motors, control system air brakes, and more, overhauled at a designated facility. The agreement also includes on-site warranty support for a year.

The contract, worth $5.40 million (Rs 45 crore), is set to be executed within six months, the company said in its press release on Monday. The company has bagged a slew of orders in October.

On October 1, the company secured a significant international contract from Tsiko Africa Logistics. The contract, valued at $4.28 million (Rs 35.8 crore) involved the supply, commissioning, and a one-year onsite warranty of overhauled in-service cape gauge 3,100-horsepower, diesel-electric locomotive.

Earlier, it signed a memorandum of understanding with the DMRC to provide services in general consultancy, project management, detailed design, and feasibility studies, among others. The alliance is set to tap into the urban transit system space, delivering high-quality solutions for both domestic and international projects. This collaboration aligns with RITES' ongoing "RITES Videsh" initiative to expand its global footprint.