RITES Secures Rs. 52 Crore Order from Cochin International Airport
Filing Summary
RITES Ltd has secured a significant order from Cochin International Airport Limited for the construction of a Regulator cum Bridge across Chengalthodu at Chengal, Kanjoor Panchayath. The project, awarded on a turnkey basis, is valued at an estimated Rs. 52 crore, excluding GST and including PMC fees. The execution period for this domestic contract is 24 months. This order does not involve any related party transactions, and there is no interest from the promoter group in the awarding entity.
RITES Ltd has announced the receipt of a major order from Cochin International Airport Limited. The order involves the construction of a Regulator cum Bridge (RCB) across Chengalthodu at Chengal, Kanjoor Panchayath, near Cochin International Airport. This project is to be executed on a turnkey basis, covering all phases from concept to commissioning.
The estimated project cost is Rs. 52 crore, exclusive of GST, and includes Project Management Consultancy (PMC) fees. The contract specifies a completion timeline of 24 months. This order has been awarded by a domestic entity, and it is not classified as a related party transaction. Additionally, there is no interest from the promoter or promoter group in Cochin International Airport Limited.
The project is structured on a cost-plus fee basis, which typically involves the reimbursement of the actual costs incurred during the construction, along with an additional fee. This approach allows for flexibility in managing project expenses while ensuring the completion of the project within the stipulated timeframe.
Cochin International Airport Limited is a key player in the aviation sector, focusing on infrastructure development and operational excellence. The company is known for its initiatives in enhancing airport facilities and services, contributing to regional connectivity and economic growth.
RITES Ltd is a leading engineering consultancy company specializing in transport infrastructure. The company is engaged in providing comprehensive services from project planning to execution. RITES focuses on expanding its portfolio in the infrastructure sector, leveraging its expertise to secure and execute significant projects both domestically and internationally.