RITES Limited, an Indian public sector enterprise, has secured a significant international contract valued at $4.28 million.
The company announced today that it received a Letter of Acceptance (LOA) from Tsiko Africa Logistics (Pty) Limited for the supply, commissioning, and one-year onsite warranty of an overhauled in-service Cape Gauge 3100 HP diesel electric locomotive.
The shares of RITES Limited were trading at ₹342.80 down by ₹2.55 or 0.74 per cent on the NSE today at 10.20 am.
The contract, awarded by an international entity, requires RITES to execute the order within six months, followed by a one-year onsite warranty period. This marks an important step for RITES in expanding its international presence in the railway sector.
The scope of work includes the supply and commissioning of the overhauled locomotive, demonstrating RITES’ expertise in railway engineering and logistics. The company confirmed that this contract does not fall under related party transactions and that no promoter or group companies have any interest in the awarding entity.