RITES has announced a significant amendment to its existing contract with National Aluminium Company Limited (NALCO), enhancing the contract value from ₹79.73 crore to ₹118.89 crore, excluding GST. This development pertains to the Detailed Engineering & Project Management Consultancy (PMC) for the construction of a railway siding at Sankerjang in Phase-I for Utkal-D Coal Mines of NALCO.
The contract, originally dated 31st March 2021, is being executed on a cost-plus turnkey basis under the deposit mode. This amendment signifies a substantial increase in the project’s scope and financial consideration, reflecting the ongoing nature of the work.
The project is categorised as a domestic contract, awarded by a domestic entity, NALCO, with no involvement of international entities. Additionally, the amendment does not constitute a related party transaction, and there is no interest from the promoter group or group companies in the awarding entity.
RITES, a prominent player in the engineering consultancy domain, continues to strengthen its portfolio with such strategic partnerships and contract enhancements, showcasing its capability in delivering large-scale infrastructure projects.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).