RITES' IIM Raipur Project Value Jumps to ₹220.65 Cr! 🏗️

Hey finance enthusiasts! 👋 We’ve got an interesting update from RITES Limited, a key player in India’s infrastructure sector. The company has announced a significant upward revision in the estimated project cost for its ongoing construction work at the Indian Institute of Management (IIM), Raipur.

Originally, this project was valued at ₹148.25 Crore. Now, RITES has received a letter from IIM Raipur revising the estimated project cost to a whopping ₹220.65 Crore! 🎉 This substantial increase, nearly 50% from the initial estimate, is on a “Cost plus basis” and includes PMC (Project Management Consultancy) fees, excluding GST.

What’s this project all about? It involves the construction of an Academic Block, a Hostel Cluster with four blocks, and the first floor of the Students Dining Block and Auditorium Block, along with associated services. This is being executed under an EPC (Engineering, Procurement, and Construction) mode-III contract for Phase-II at IIM Raipur. The project is expected to be completed within 23 months from the agreement date.

This revision highlights the dynamic nature of large-scale construction projects and signals a positive development for RITES, adding a significant boost to its order book. It underscores the company’s continued involvement in crucial infrastructure development across educational institutions in India. Keep an eye on RITES as they continue to shape India’s landscape! 🇮🇳

source: Corporate Announcement

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