RITES Ltd Secures USD 20.6M Order from ICVL Mozambique
Filing Summary
RITES Ltd has announced the receipt of a Letter of Intent from ICVL Mozambique for the supply of New Cape Gauge Diesel Electric Locomotives. The contract includes preventive maintenance services and consumable spares. The order is valued at approximately USD 20,602,500. The supply is scheduled to be completed within 15 months, with maintenance services extending over 24 months. This international contract does not involve any related party transactions and has no promoter group interest.
RITES Ltd has secured a significant order from ICVL Mozambique as per the Letter of Intent received. The order involves the supply of New Cape Gauge Diesel Electric Locomotives along with preventive maintenance services, including consumable spares. The total value of the order is approximately USD 20,602,500.
The contract specifies a timeline of 15 months for the supply of the locomotives, while the maintenance services are to be provided over a period of 24 months. This order has been awarded by an international entity, confirming the global reach of RITES Ltd’s operations.
The filing clarifies that there is no interest from the promoter or promoter group in the entity awarding the order. Additionally, the transaction does not qualify as a related party transaction, ensuring compliance with regulatory standards.
ICVL Mozambique is involved in the mining sector, focusing on coal production and export. The company is engaged in strategic initiatives to enhance its operational capabilities and expand its market presence.
RITES Ltd is a government-owned engineering consultancy company specializing in transport infrastructure. The company is focused on expanding its international footprint and enhancing its service offerings in the railway sector. RITES Ltd continues to leverage its expertise to secure strategic contracts globally.