RITES Limited has announced the liquidation of its joint venture company, MMG-Metro Management Group Limited. The joint venture, formed in collaboration with DMRC and Israeli firm Poran Shrem Engineering and Appraisal Limited, has been dissolved. This development follows the company’s previous intimation dated December 27, 2024, and is in accordance with Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The decision to liquidate MMG-Metro Management Group Limited marks the end of a partnership that involved significant collaboration between RITES, the Delhi Metro Rail Corporation (DMRC), and the Israeli engineering firm. The joint venture was initially established to leverage the combined expertise of the three entities in the field of metro management and engineering.
RITES Limited, a leading transport infrastructure consultancy and engineering company, has been actively involved in various joint ventures and partnerships to expand its operational capabilities and enhance its service offerings. The liquidation of MMG-Metro Management Group Limited is a strategic decision in line with the company’s business objectives and regulatory requirements.
The company has assured stakeholders that all necessary steps have been taken to ensure a smooth liquidation process, and the information has been duly recorded for regulatory compliance.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).