This agreement entails planning, design, and development of infrastructural facilities along with other related tasks at the university, based on a cost-plus PMC fee model. The total cost of the project is around ₹175.41 crore, excluding GST, which includes RITES’ fees.
RITES mentioned that the contract has been awarded by a domestic organization and is set to be executed over a period of 30 months from the agreement’s signing or until the completion of the assigned work, whichever takes longer.
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The company emphasized that neither its promoter nor any promoter group companies have interests in the entity issuing the contract. This order is also not classified as a related-party transaction.
RITES Ltd further disclosed that it has signed a Memorandum of Understanding (MoU) with the state-run Container Corporation of India Ltd to collaborate on Project Management Consultancy (PMC) services for logistics infrastructure development.
This partnership will encompass concept-to-commissioning consultancy for enhancing and developing CONCOR terminals and facilities. The collaboration will utilize RITES’ multidisciplinary engineering and project management skills to aid in the planning, design, execution, and oversight of infrastructure projects initiated for CONCOR.
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“Under the MoU, CONCOR may assign RITES, on a work-to-work basis, with Project Management Consultancy services from concept to commissioning. These services will include feasibility studies, preparation of Detailed Project Reports, detailed engineering, architectural and structural design, project supervision, quality assurance, and construction management, among others,” according to a stock exchange filing.
The partnership aims to support the development and enhancement of infrastructure, such as multimodal logistics parks, inland container depots, rail-linked terminals, warehouses, railway infrastructure, administrative buildings, roads, utilities, and allied facilities.
“By collaborating, both RITES and CONCOR aspire to leverage their individual strengths to ensure the timely execution of logistics infrastructure projects, contributing to the establishment of efficient multimodal logistics facilities across the country,” it added.
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Shares of RITES Limited closed at ₹204.85, a decrease of ₹1.10, or 0.53%, on the BSE.
