In a regulatory filing, the company said that the MoU was signed to collaborate on consultancy works for strengthening logistical infrastructure at various hydropower stations in the region, including the Siang Basin.

To enhance the power infrastructure in the region, the Arunachal Pradesh Government has entrusted NEEPCO for executing five hydropower projects in the Siang Basin, it added.

As per the MoU, RITES will also support NEEPCO as a project management consultant for works related to rail infrastructure facilities, including signalling & telecommunications, overhead equipment, and conveyor systems. Also, the MoU entails works related to roads, buildings and other civil ancillary structures, including utilities, the company stated in the press release.

The company added that its is looking forward to working in synergy with NEEPCO and support their endeavour of increasing access to clean energy.

Rites, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2023, the Government of India held 72.20% stake in the company.

The company's consolidated net profit declined 23.6% to Rs 101.15 crore on 11.6% fall in net sales to Rs 582.36 crore in Q2 FY24 over Q2 FY23.

Shares of Rites rose 0.45% to end at Rs 486.95 on Friday 22 December 2023.

The stock exchanges will remain closed on Monday, 25 December 2023, on the occasion of Christmas.