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The scope of MOU is identifying mutual areas of collaboration for expanding IRFC's role in providing financial assistance to projects/ institutions that have got backward and/ or forward linkages with Railways. RITES will be providing assistance to IRFC in ascertaining the technical and financial viability of the projects, providing advisory and consultancy services.
Meanwhile, the company has also signed a Memorandum of Understanding (MoU) with DNV Business Assurance India to jointly explore business opportunities in the areas of Independent Safety Assessments (ISA).
Under this arrangement, RITES and DNV will collaborate, synergize their efforts by complementing their respective strengths for identification, securing and execution of Railway Assurance & Advisory Services for Railway Rolling Stock & Signaling and train control system domain with applicable standards for Metro, Mainline and Generic products.
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 company's consolidated net profit fell 3.5% to Rs 132.01 crore in Q4 FY23 on 10.3% decline in net sales to Rs 686.81 crore in Q4 FY23 over Q4 FY22.
The scrip declined 1.75% to Rs 469.45 on the BSE.
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