RITES Limited witnessed a rise of over 4% in its stock value during morning trading after announcing a significant contract win worth ₹148.25 crore. The public sector engineering consultancy company bagged the project management consultancy (PMC) contract from the Indian Institute of Management Raipur (IIM Raipur) for the development of its Phase II campus in Chhattisgarh.
The agreement, based on a cost-plus model, entrusts RITES with the execution, supervision, and monitoring of the campus construction activities, ensuring alignment with IIM Raipur’s standards. The Phase II campus project will see extensive development to enhance the institute’s infrastructure, reflecting its commitment to academic excellence.
This prestigious project is entirely domestic, reinforcing RITES’ strong foothold in India’s consultancy and infrastructure development sector. With a timeline of 23 months for completion, the contract adds substantial value to RITES’ portfolio and underscores its expertise in managing large-scale projects.
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