As part of the memorandum of understanding (MoU), RITES and CFM Angola will collaborate in areas such as supply of rolling stock, railway infrastructure projects, repairing of rolling stock, operations and maintenance of railway infrastructure, information technology services, technical maintenance and master planning and more, the company stated in the press release.

Manobendra Ghoshal, chief strategy officer, Rites, said, “We are delighted to sign this MoU with CFM Angola, which highlights our concerted efforts under the strategic initiative ‘RITES Videsh'. This partnership will enable us to share our expertise and resources.”

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 June 2023, the Government of India held 72.20% stake in the company.

The civil construction company's consolidated net profit declined 21.5% to Rs 108.01 crore on 10% decrease in Rs 544.35 crore in Q1 FY24 over Q1 FY23.