Under this arrangement, RITES and IIT-M will collaborate for providing engineering consultancy (design & construction supervision), enhancing technical cooperation and knowledge sharing for the development of marine infrastructure works, including navigational studies etc.

The partnership intends to bring in best practices by leveraging each other's expertise in marine engineering works and address environmental (oceanic) concerns to build sustainable and robust infrastructure.

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 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.

The scrip shed 0.54% to currently trade at Rs 255.55 on the BSE.