The PSU company and Tata Steel would collaborate to offer services in the areas of railway rolling stock exports and enhance infrastructural capabilities for buildings, airports, urban engineering, and information technology. They would also explore capacity enhancement for urban mass rapid transport, including metro railway systems, for domestic and overseas markets.

As part of the MoU, RITES will provide expertise in design, marketing, operation & maintenance, and support required for tapping domestic as well as overseas markets, while Tata Steel's New Materials Business (NMB) division will undertake the development and manufacturing of customised products as per the clients' requirements in co-ordination with RITES.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tons per annum.

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. Company has an experience spanning 47 years and has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East region. The Government held 72.20% stake in the company.

Shares of RITES were trading 1.91% higher to Rs283.05 while, Tata Steel added 1.40% to Rs 1339.05 on BSE.