RITES after the market hours on Friday announced that it has signed Memorandum of Understanding with Indian Institute of Technology, Delhi, (IIT-Delhi), to explore avenues of mutual collaboration on road design and road safety consultancy projects.

Under this agreement, RITES and IIT-Delhi intend to bring in best practices by leveraging each other's expertise and technologies to optimise operations and expand on a global level.

RITES, in its press statement, highlighted that “The collaboration will not only create a platform to enhance capabilities for carrying out infrastructure projects, but also facilitate exploring of consultancy opportunities arising at various Govt./Semi Govt./autonomous bodies or authorities/private entities/multilateral-funding agencies.”

The Indian Institute of Technology, Delhi, is among the institutes of national importance for training, and research & development in science, engineering, and technology.

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.

RITES' consolidated profit surged 36.6% to Rs 143.87 crore on 70.6% rise in net sales to Rs 766.64 crore in Q3 FY22 over Q3 FY21.The Government held 72.20% stake in the company.

Shares of RITES rose 1.50% to end at Rs 260.70 on BSE yesterday, 8 April 2022.