RITES Limited has submitted a regulatory filing pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This filing serves as an update to a previous intimation regarding a major order secured, dated September 21, 2020.
The disclosure provides an update on a major order for Project Management Consultancy Service for Railways Electrification of Bidar-Kalaburagi (Gulbarga) (110 RKM). The order was awarded by South Central Railway.
Key Order Details:
- Awarding Entity: South Central Railway
- Nature of Contract: Project Management Consultancy Service for Railways Electrification on a Cost Plus turnkey basis.
- Project Scope: Electrification of the Bidar-Kalaburagi (Gulbarga) section, spanning 110 Route Kilometers (RKM).
- Entity Classification: The order was awarded by a Domestic Entity.
- Execution Status: The time period for execution is stated as "Ongoing".
- Financial Consideration: The Revised Project Cost is ₹154.65 Crore (excluding GST, including RITES fees). This represents a significant increase from the Original Project Cost of ₹97.96 Crore (excluding GST, including RITES fees).
- Related Party Status: The company states that "The transaction is between Government and Government Company." It is confirmed that this is not a related party transaction and is conducted at arm's length, as it is a transaction between government entities.
This disclosure is for information and record purposes of the National Stock Exchange of India Limited and BSE Limited.
The letter is signed by Nikhil Agarwal, Company Secretary & Compliance Officer (Membership No.: A42626) on behalf of RITES Limited.