RITES shares to gain focus, secures $9.71-million engineering services project in Guyana

Engineering and Consultancy firm, RITES informed that it has received an order from the Ministry of Public Works, Government of the Co-operative Republic of Guyana worth $9.71 million. RITES announced that it has emerged as the top scorer (H-1 bidder) based on QCBS evaluation for providing engineering services for design-build-finance upgrading of Palmyra to Moleson Creek Highway- Lot 1-3. The project consideration is $9,713,470, excluding taxes.

The project will be executed over 60 months, including 36 months for the pre-construction and construction period and 24 months for the post-construction period (defect liability period). The shares of this public-sector enterprise gained up to 1 percent after the company emerged as a higher bidder for EPC work worth USD 9,713,470. 

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The order book increased by 11% from Rs 31,000 crores on March 31 to Rs 30,000 crores on June 30, with around Rs 1,300 crores in new orders across several sectors, including rail infrastructure, highways, buildings, tunnels, and airports. In recent quarters, order intake increased significantly to Rs 3,000 crores, up from Rs 600 crores in the first half of the previous fiscal year. 

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