Under this agreement, Rites and Indian Institute of Technology, Delhi, (IIT-Delhi), intend to bring in best practices by leveraging one another's expertise and technologies to optimise operations and expand on a global level.

The collaboration will not only create a platform to enhance capabilities for carrying out infrastructure projects, but also facilitate exploring of consultancy opportunities arising at various Govt./Semi Govt./autonomous bodies or authorities/private entities/multilateral-funding agencies, as per the company's press statement.

RITES is a Miniratna (Category - I) Schedule I' Public Sector Enterprise and engaged in transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2021, the Government of India held 72.2% stake in the company.

The company's consolidated net profit rose 35.52% to Rs 138.66 crore on a 70.63% increase in sales to Rs 766.64 crore in Q3 FY22 over Q3 FY21.