RITES Ltd shares gained more than 2% in morning trade on Tuesday after the company announced it has received a significant Letter of Award from the National Institute of Mental Health & Neuro Sciences (NIMHANS), Bengaluru. The project involves providing Project Management Consultancy (PMC) services for the construction of a new Outpatient Department (OPD) building at the NIMHANS Bangalore campus, to be executed on a turnkey basis.
The total value of the contract stands at ₹372.68 crore, excluding GST and inclusive of the PMC fee. The execution period for the project is set at 36 months.
This order was awarded by a domestic entity and does not fall under any related-party transactions. RITES clarified that neither its promoters nor group companies have any interest in the awarding entity.
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