RITES Secures International Contract Worth USD 9.7 Million for Highway Upgradation in Guyana

RITES Limited, a leading engineering consultancy company, has received an international contract from the Ministry of Public Works, Government of Guyana. The contract is valued at USD 9.71 million (USD 9,713,470/- excluding taxes), excluding taxes, and involves providing engineering services for upgrading the Palmyra to Moleson Creek Highway.

Project Details

The contract covers the design, build, and finance aspects of the highway upgrade project, focusing on modernising the critical transport corridor to improve connectivity and infrastructure.

Execution Timeline

The project spans 60 months, divided into two phases:

1. 36 months for pre-construction and construction activities.
2. 24 months for the post-construction phase, which includes a defect liability period.

International Recognition

This achievement highlights RITES’ global capabilities, as the contract was awarded by an international entity. It reinforces the company’s reputation for delivering high-quality engineering solutions across borders.

No Related Party Involvement

RITES confirmed that neither the promoter group nor related parties are involved in the transaction, ensuring transparency and compliance with regulatory norms.

Stock Performance Update

As of 12:53 PM on January 01, 2025, the stock of RITES marked an intraday high of ₹301.70 on the NSE. However, it has come off from its day’s high and is currently trading flat.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.