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Under the arrangement, RITES and MECL will collaborate for technical services, including consultancy assignments, knowledge sharing and research & development activities. The partnership intends to bring in best practices by leveraging each other's geological/geophysical expertise in civil engineering and mining fields.
Mineral Exploration Corporation (MECL) is a 'Miniratna I' Central Public Sector Enterprise under the Ministry of Mines, Government of India. Founded in 1972, the company is engaged in systematic exploration of minerals to bridge the gap between the initial discovery of a prospect and its eventual exploitation.
RITES is a Miniratna (Category - I) Schedule ‘A' 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.
Shares of RITES were trading 3.21% lower at Rs 256.30 on BSE.
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