RITES Secures $35M Order from Ndalama Capital for Locomotives

RITES Ltd has announced the receipt of a major order from Ndalama Capital (Pty) Ltd., a South African entity. The order, valued at approximately USD 35 million, involves the supply and commissioning of in-service Cape Gauge ALCO diesel electric locomotives. The contract is structured on a CIF basis and is classified as an international transaction.

The order is expected to be executed within a timeframe of 18 months. The terms of the contract specify the supply and commissioning of the locomotives, which are intended for use in South Africa. The transaction does not involve any related party transactions, and there is no interest from the promoter or promoter group of RITES in Ndalama Capital.

This order was disclosed in compliance with Regulation 30, read with Para B of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The official communication was made to both the BSE and NSE, adhering to the regulatory requirements.

Ndalama Capital (Pty) Ltd. is involved in various business activities in South Africa. The company focuses on strategic investments and partnerships to enhance its operational capabilities and expand its market presence. This order with RITES aligns with its business priorities in the transportation sector.

RITES Ltd is a leading engineering consultancy company specializing in the transport infrastructure sector. The company provides comprehensive services from concept to commissioning in railways, highways, airports, ports, and urban transport. RITES continues to focus on expanding its international footprint and securing strategic contracts in the global market.