The Housing and Urban Development Corporation Limited (HUDCO) has announced a non-binding Memorandum of Understanding (MoU) with RITES Limited. This collaboration is set to undertake a comprehensive range of consultancy and fee-based projects.
What Happened: On Wednesday, HUDCO disclosed that it has signed a MoU with RITES, another Navratna CPSE. The MoU was signed on 5th August 2024, in New Delhi.
The collaboration aims to undertake a comprehensive range of consultancy and fee-based projects from concept to commissioning in identified sectors. HUDCO will extend its Project Management Consultancy Services for projects being implemented by RITES and will also provide term lending for various specified infrastructure projects where consultancy services are undertaken by RITES.
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In return, RITES will provide consultancy expertise, whenever required by HUDCO, in the projects being financed by HUDCO and/or where consultancy support is being provided by HUDCO.
This MoU comes on the heels of an agreement that HUDCO signed with the government of Rajasthan on July 24, 2024. The previous MoU aimed to provide financial backing for housing and urban infrastructure projects in Rajasthan, with financial assistance of ₹1 lakh crore over the next five years.
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