RITES Bags Rs 46.82 Cr Turnkey Project for Karnataka Colleges 🏗️

Hey finance enthusiasts! 👋 Let’s dive into some exciting news from the infrastructure sector. RITES Limited, a prominent player in engineering and consultancy, has just announced a major order win that’s sure to get attention.

The company has secured a substantial contract valued at Rs 46.82 Crore (excluding GST) from the Department of Collegiate and Technical Education (DCTE) in Bengaluru. This isn’t just any order; it’s for the “Construction and renovations of Government First Grade college at various location in Karnataka under PM USHA Scheme.”

What’s particularly interesting here is the evolution of this project. Initially, RITES was involved on a Project Management Consultancy (PMC) basis. But now, this has been upgraded to a turnkey contract! 🚀

What does ’turnkey’ mean for RITES?

Think of it this way: instead of just advising on the project (PMC), RITES will now be responsible for the entire project from start to finish. This includes the full cost of construction plus their fees, giving them a much more comprehensive role and a larger slice of the project pie. It’s a testament to the client’s confidence in RITES’s capabilities to deliver end-to-end solutions.

This domestic project is set to be executed over a period of 36 months from the date of agreement. It’s a significant undertaking that will contribute to the development of educational infrastructure in Karnataka under the important PM USHA Scheme, which aims to improve higher education across India.

This new order highlights RITES’s continued strength in securing large-scale government projects and its expanding role from consultancy to full-fledged execution. Keep an eye on how this project unfolds! ✨

source: Corporate Announcement

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