RITES, KOEL sign MoU to explore business avenues

RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering company, signed a memorandum of understanding (MoU) with Kirloskar Oil Engines Ltd. (KOEL) to jointly explore business opportunities for supplies/services in the areas of Export of Railway Rolling Stock, Infrastructure and Urban Transport for domestic and overseas markets.

As part of the MoU, RITES will provide expertise in design, marketing, operation & maintenance, and any other support required for tapping business opportunities, while KOEL will be responsible for the development and manufacturing of customized products.

Mr. Manobendra Ghoshal, Chief Strategy Officer (CSO), RITES, said, "The collaboration with KOEL will not only create a platform to explore business avenues around the globe but also facilitate knowledge sharing to strengthen each other's operations in promoting smart and sustainable infrastructure."

Mr. Vinod Menon, Vice President, KOEL, said, "The strategic partnership between RITES and KOEL leverages the strengths of both organisations. While we, at KOEL, are focused on developing world-class products and services, RITES has outstanding design, technical expertise, and marketing capabilities. We look forward to a long and fruitful association."

RITES CSO Mr. Manobendra Ghoshal & KOEL MD Ms. Gauri Kirloskar at the MoU-signing ceremony in Gurugram.

Shares of RITES Limited was last trading in BSE at Rs. 359.65 as compared to the previous close of Rs. 367.05. The total number of shares traded during the day was 60034 in over 2441 trades.

The stock hit an intraday high of Rs. 371.70 and intraday low of 355.00. The net turnover during the day was Rs. 21827871.00.

Source : Equity Bulls

Keywords

RITES INE320J01015 KOEL MOU BusinessOpportunities