RITES Limited Secures Major Engineering and Consultancy Contract from MCL

RITES Limited has announced the receipt of a substantial work order from Mahanadi Coalfields Limited (MCL), a domestic entity, for a key infrastructure project. This notification, in compliance with the SEBI regulations, outlines the specifics of the project awarded to RITES. The order is part of an initiative to enhance rail connectivity for the proposed Phase-II SILO at the Lakhanpur Area under MCL’s jurisdiction.

Details of the Project Agreement

The contract involves comprehensive Detailed Engineering and Project Management Consultancy (PMC) services. It is designed to facilitate the rail connectivity essential for the operation of the Phase-II SILO. The execution period for the contract is stipulated at 24 months, and the total value of the order is estimated at ₹28 crore, exclusive of GST. RITES confirmed that there is no interest from its promoters or related party connections in MCL, thus ensuring complete compliance and transparency in the transaction.

Regulatory Disclosures and Compliance

In line with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI circular dated 11 November 2024, RITES formally disclosed the order to both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The company secretary, Mr Ashok Mishra, signed off the communication, reiterating that the announcement is intended solely for public information and record-keeping purposes.

Read More: RITES Share Price Gains Over 2% After MoU with DP World for Logistics Infrastructure Development

RITES Share Performance 

As of April 25, 2025, 9:30 AM, RITES share price is trading at ₹237.76, reflecting a 0.64% surge from the previous closing price. Over the past month, the stock has surged by 3.68%.

Conclusion

The acquisition of this order reinforces RITES Limited’s position in the infrastructure consultancy domain. With a structured timeframe and significant order value, this project stands as a testament to the firm’s engineering and project management capabilities.

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