Under this agreement, RITES and CSIR-CRRI will collaborate for technical services, including consultancy assignments, knowledge sharing, and research & development etc. The partnership foresees the development of innovative and sustainable solutions that will drive the sector forward and can deliver significant value to associated stakeholders.

In a separate announcement, RITES, also collaborated with the Indian Institute of Technology, Roorkee (IIT-R) to enter into a memorandum of understanding (MoU) to explore viable business opportunities in the infrastructure sector.

As per the exchange filing, under this agreement, RITES and IIT-R will collaborate for knowledge sharing, research and development and technical services, including consultancy assignments etc. The partnership intends to bring in best practices by leveraging each other's expertise and to push the vision of building sustainable and robust infrastructure in the country and abroad.

RITES' consolidated net profit rose 30.41% to Rs 168.97 crore on a 72.06% increase in net sales to Rs 755.18 crore in Q2 FY22 over Q2 FY21.

Shares of RITES rose 0.60% to Rs 269.30 on BSE. RITES is a Miniratna (Category – I) schedule 'A' public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2021, the Government of India held 72.2% stake in the company.