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The civil construction company will work as project management consultancy (PMC) for the construction of infrastructure works at IIT- Bhubaneswar to be undertaken under EPC mode III.
The MoU with IIT-Bhubaneswar will be executed with mutually agreed terms & conditions, stated the company.
Rites added that the letter of acceptance (LoA) is yet to be issued by the client.
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.
The counter hit record high at Rs 657.85 in today's intraday session.
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