RITES bags USD 81 mln contract from Zimbabwe railways

RITES, a state-owned company, is into the transport consultancy and engineering sector -- railways, highways, urban engineering (metros), airports, ports, and ropeways, among others.

RITES has signed contracts with railways in Zimbabwe (National Railways of Zimbabwe) for the supply of rolling stock. The contract size is a little over USD 81 million, RITES informed stock exchanges on Friday.

"However, the Contract Agreements are subject to the approval of funding by the funding agency," it added. Reacting to the news, its shares rose four per cent at Rs 393.50.

RITES, a state-owned company, is into the transport consultancy and engineering sector -- railways, highways, urban engineering (metros), airports, ports, and ropeways, among others. (ANI)