RITES signs MoU with Etihad Rail to further augment business collaboration

RITES Limited, the leading Transport Infrastructure Consultancy and Engineering firm, today signed a memorandum of understanding (MoU) with Etihad Rail for business collaboration with its subsidiary National Infrastructure Construction Company (NICC) LLC, a UAE-based infrastructure construction company, to take forward further business collaboration with Etihad Rail in the mobility sector in the geographies of UAE and beyond.

The MoU was signed by H.E. Shadi Malak, CEO of Etihad Rail, and Mr. Rahul Mithal, Chairman and Managing Director of RITES Ltd., in the presence of His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, and Hon'ble Ambassador of India to the UAE H.E. Sunjay Sudhir during the Global Rail Transport Infrastructure Exhibition & Conference held in Abu Dhabi.

This partnership aims at combining RITES' five decades of expertise in consultancy, transport infrastructure, and engineering solutions with the execution capabilities of NICC, thereby creating synergies for shaping infrastructure projects in the region. With this MoU, RITES strengthens its international footprint under its strategic initiative 'RITES Videsh' and reaffirms its ethos: 'We Shape What Shapes Lives'.

Shares of RITES Limited was last trading in BSE at Rs. 246.05 as compared to the previous close of Rs. 248.25. The total number of shares traded during the day was 95613 in over 2347 trades.

The stock hit an intraday high of Rs. 249.05 and intraday low of 245.10. The net turnover during the day was Rs. 23591735.00.

Source : Equity Bulls

Keywords

RITES INE320J01015 MoU EtihadRail