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RITES inks deal to acquire 24% stake in IRSDC

The agreement will have RLDA and Ircon International as equity partners

RITES, Indian Railway Stations Development Corporation, IRSDC, Rail Land Development Authority, IRCON International, CFM Mozambique, 188 RKM Vijaypur-Pachore Road-Maksi section, Railway electrification project, Madhya Pradesh, Gurugram, Ahmedabad, Bhubaneswar, Secunderabad, Bhilai, Delhi, Chennai, Rail line doubling project, Goothy-Darmawaram, Railway electrification work, Rajasthan, Power plants, Coal mines, Bikaner, Maharashtra, Assam, Lumding, Odisha

RITES has signed an agreement for acquiring 24% stake in the Indian Railway Stations Development Corporation (IRSDC) for Rs 48 crore. The agreement will have the Rail Land Development Authority and IRCON International as other equity partners.

During the lockdown period, apart from concluding negotiations for a major export deal with CFM Mozambique, it has been able to successfully deliver the 188 RKM Vijaypur-Pachore Road-Maksi section railway electrification project in Madhya Pradesh. Besides its corporate office in Gurugram, project offices at Ahmedabad, Bhubaneswar, Secunderabad and inspection offices at Bhilai, Delhi, Chennai have also started operations.

Key project activities have been resumed at various sites like rail line doubling project at Goothy-Darmawaram, railway electrification work in Rajasthan, Project Monitoring Services at several rail connectivity works of power plants and coal mines, workshops modernisation at Bikaner in Rajasthan, Kurdawadi in Maharashtra, Lumding in Assam, Sarla in Odisha, and quality assurance work at various locations, etc.

With these operations, RITES is estimated to have achieved more than half of its capacity and will scale up its activities with easing of more restrictions

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June 2020
10 Jun 2020