RITES Secures $3.6 Million African Locomotive Order

Hey there, finance enthusiasts!

We’ve got some interesting news from RITES Limited, the Indian infrastructure consultancy and engineering company. The company recently announced that it has secured a significant new order from an African Rail Company.

This isn’t just any order; it’s for the supply and commissioning of two fully overhauled ALCO diesel-electric locomotives. These powerful machines are destined for deployment across three African nations: Zimbabwe, Mozambique, and Botswana. This move clearly highlights RITES’s growing international presence and expertise in the global railway sector.

The scope of this contract is quite comprehensive. RITES isn’t just delivering the locomotives; they’ll be supplying overhauled in-service Cape Gauge ALCO Diesel Electric Locomotives, fitted with brand new Cape Gauge Bogies, Traction Motors, and a modern Control System, all air-braked. The overhaul will be done at a nominated facility, and RITES will also provide crucial warranty support, even deputing its technical team to ensure smooth operations.

Valued at a substantial 3.6 million USD (CIF), this order is expected to be executed within a brisk nine-month period. It’s a clear testament to RITES’s capabilities in delivering complex railway solutions on an international scale.

Before the market closed, RITES shares were trading at ₹279, showing a slight dip of 0.4%. This new order, however, underscores the company’s ongoing efforts to secure valuable contracts and expand its global reach.

source: Corporate Announcement

Join our Telegram for instant updates!