RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering firm, signed a memorandum of understanding (MoU) with the Indian Institute of Technology Kanpur (IIT-Kanpur) for mutual assistance and cooperation to strengthen and develop a sustainable future by "Transforming to Green".
The umbrella MoU pertains to exploring opportunities in the areas of Sustainability, including ESG and carbon-related works like carbon neutrality etc. in sectors such as steel, cement, and power among others. The MoU also includes R&D-related works on air quality sensors to align RITES with the vision of MoEFCC and MoHUA to address air pollution, greenhouse gas emissions and solid waste management.
One such R&D initiative from RITES & IIT-Kanpur is a Dynamic Hyper-local Source Apportionment for Real-Time Policy Action. The team will deploy sensor packages at 3-4 locations and fully instrumented mobile lab will be deployed at each site for 10 days in 2 seasons. Thus, collected data will be used to collect source information which will be shared with Municipal Corporations, para-statal departments, stakeholders, Central & State Governments for taking suitable measures to control air pollution in the Non-Attainment Cities (NACs), including Kanpur, Lucknow, and Bengaluru. RITES and IIT-Kanpur also have the onus to work on a pathway to Carbon Neutrality to contribute to our country's Paris Agreement. Hence, both the institutions will be supporting each other to set goals for reducing carbon footprint and set a framework to achieve ESG milestones.
Mr. Manobendra Ghoshal, Chief Strategy Officer, RITES, said, "Our MoU with IIT-Kanpur will pave the way for the future as we move towards carving a niche in the areas of Sustainability for various sectors. This synergy of our strengths will give rise to action plans, roadmaps, and strategic innovation, to name a few, for enhancing Sustain4Future. Also, we aim at leveraging our consulting and technical expertise while working towards knowledge building with a pioneering institute like IIT-Kanpur."
Prof. A R Harish, Dean of Research and Development, IIT-Kanpur, said, "Through this partnership, IIT-Kanpur and RITES will be undertaking various projects that will mutually align our sustainability objectives. Together, we look forward to 'shaping tomorrow' while also coming up with a methodology for implementing national and international best practices."
Shares of RITES Limited was last trading in BSE at Rs. 325.90 as compared to the previous close of Rs. 334.80. The total number of shares traded during the day was 10054 in over 669 trades.
The stock hit an intraday high of Rs. 335.00 and intraday low of 325.10. The net turnover during the day was Rs. 3300882.00.