labels: industry - general, railways
RITES on the right tracknews
30 August 2005

Chennai: The Rs240-crore turnover Rites Limited, a ministry of railways undertaking bagged new orders worth Rs635 crore during the year 2004-2005.

Notable amongst them is the order to operate and manage the Beira Rail Corridor in Mozambique for the next 25 years. The project envisages an investment of $152 million of which $104.5 million will be funded by the World Bank.

RITES is on the threshold of gaining another major railway concession in Tanzania.

With a Rs4-crore equity base, RITES posted a net profit of Rs41 crore last fiscal and has proposed paying a final dividend of Rs8 crore to its parent railway ministry. An interim dividend of Rs4 crore has already been paid.

The company is engaged in infrastructure development assignments related to railways, highways, airports, urban transport, waterways besides export and leasing of locomotives and rolling stock in countries like Malaysia, Myanmar, Uganda, Ethiopia, Mozambique, Tanzania, Sudan, UK, Colombia, Angola and Senegal.

RITES engineers are working in Afghanistan for the reconstruction and development of systems, equipment procurement and services.

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RITES on the right track