RITES Limited, in a consortium, has been declared the lowest bidder in a tender issued by the Delhi Metro Rail Corporation Limited (DMRC) for retrofit work in RS-1 trains.

What Happened: The announcement came from RITES Limited on Thursday evening. The company revealed, “RITES Consortium emerges as the lowest bidder in the tender floated by DMRC for ‘Retrofit Work in RS-1 Trains of DMRC’.” The order is pending, subject to DMRC’s scrutiny and evaluation process.

The estimated value of the bid is approximately ₹87.58 crore, including GST. RITES’ share in this is 49%, which is around ₹42.91 crore. The contract is expected to be executed within three years from the date of issuance of the letter of award.

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This development follows a series of positive news for RITES. Earlier in September, RITES announced a strategic partnership with NBCC (India) to explore and execute a wide range of consultancy, fee-based projects, and engineering, procurement, and construction contracts. Shortly after, RITES emerged as the lowest bidder in a tender floated by the UP State Bridge Corporation.

In its 50th annual general meeting, RITES shareholders approved a 1:1 bonus equity share for shareholders and confirmed the interim and final dividend declared in FY 2023-24. The record date for the bonus issue was September 20.

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