RITES Limited shares rose by nearly 2% following a significant project update regarding its involvement with the Karnataka Mining Environment Restoration Corporation (KMERC). The project, initially awarded on a Project Management Consultancy (PMC) basis, has now been upgraded to a turnkey project.
The order involves the construction of Railway Private Freight Terminals (PFTs) at Dharmapura and Susheel Nagar in the Ballari District under the CEPMIZ (Comprehensive Environmental Plan for the Mining Impact Zone) initiative by KMERC. The project is valued at ₹453.99 crore, excluding GST and including the PMC fee.
The contract is expected to be completed within 30 months from the date of signing the agreement or the handover of the site, whichever is later. RITES confirmed that this is a domestic project and does not involve any related party transactions.
This conversion to a turnkey project marks a significant milestone in RITES’ ongoing collaboration with KMERC, further strengthening its involvement in large-scale infrastructure projects in India.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions.
