Railway engineering firm RITES has bagged a contract from Karnataka Mining Environment Corporation for the construction of railway private freight terminals (PFT).
What Happened: The Karnataka Mining Environment Restoration Corporation has accepted RITES' tender for the construction of the Railway PFTs at Dharmapura and Susheel Nagar in Bellary District. The contract is worth over ₹26.79 crore, the public sector firm said in a statement.
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Why It Matters: The project marks a major development for the firm, coming on the heels of major wins last month.
Last month, RITES signed major partnerships with firms like Damodar Valley Corporation (DVC) and Delhi Metro Rail Corporation (DMRC). RITES also joined hands with DMRC for consultancy and operations and management (O&M) of metro rail systems.
The company also entered another deal with DVC last month for maintenance and operational management of railway sidings, signalling and telecommunication (S&T) systems.
Last year, the firm was granted “Navratna” status by the Union Ministry of Finance, making it the country's sixteenth such public sector firm.
Price Action: Shares of RITES were almost flat, trading 0.09% lower at ₹690.90 in afternoon trade on Monday.
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