RITES Secures Major BEL Contract for New Manufacturing Hub 🏗️

Big news from the infrastructure sector! RITES Limited, a leading engineering and consultancy firm, has just announced a substantial new order that’s sure to get attention.

The company has received a Letter of Intent from Bharat Electronics Limited (BEL) for a comprehensive project. What’s the scoop? RITES will be providing Design, Project Management Consultancy (PMC) Services, and even handling the Construction of a Mass Manufacturing Facility for BEL’s EM SBU (Electronic Manufacturing Strategic Business Unit) located in Palasamudram, Andhra Pradesh. This is a cost-plus basis contract, which is a common and transparent way to manage such large-scale projects.

This isn’t just any contract; it’s a significant one valued at an estimated Rs. 177.225 Crore, excluding GST. That’s a hefty sum that underscores the scale and importance of the work RITES will be undertaking. The project is set to be completed within 24 months from the date of the agreement, indicating a focused and efficient timeline.

It’s also worth noting that this is a domestic project, awarded by an Indian entity, and importantly, it’s not a related party transaction. This highlights RITES’s continued success in securing major contracts within the public sector, leveraging its expertise in design, project management, and construction.

This new order from BEL is a strong testament to RITES’s capabilities and its crucial role in developing India’s industrial infrastructure. Keep an eye on how this project unfolds! ✨

source: Corporate Announcement

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