Kirloskar Oil Engines (KOEL), a flagship company of Kirloskar Group, is amongst the leading and largest manufacturers of diesel engines. With the most extensive service networks, the company has business interests in various sectors such as manufacturing, oil and gas, power, construction and mining, agriculture, industry and transport.

As part of the memorandum of understanding (MoU), RITES will provide expertise in design, marketing, operation & maintenance, and any other support required for tapping business opportunities, while KOEL will be responsible for the development and manufacturing of customized products.

Manobendra Ghoshal, chief strategy officer (CSO), RITES, said, “The collaboration with KOEL will not only create a platform to explore business avenues around the globe but also facilitate knowledge sharing to strengthen each other's operations in promoting smart and sustainable infrastructure.”

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. The company has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East region. It is the export arm of Indian Railways for providing rolling stock overseas.

The company's consolidated net profit declined 21.63% to Rs 132.42 crore on a 13.91% fall in sales to Rs 659.08 crore in Q2 FY23 over Q2 FY22.

The scrip slipped 2.02% to end at Rs 359.65 on the BSE on Friday.