Rites Ltd (NSE: RITES): Engineering consultancy PSU Rites Ltd has emerged as the lowest bidder for a ₹60 crore order from Uttar Pradesh State Bridge Corporation.
Following the announcement on Friday, September 6, Rites Ltd share was trading marginally higher at Rs 665 by the afternoon after jumping in the morning session on Friday.
Rites Ltd emerged as the most expensive bidder on the tender offered by the company. Rites Ltd stated in a statement on stock exchanges that the bid price is estimated at 60.03 crore rupees, which excludes GST.
During the contract, Rites Ltd will provide consulting services to construct civil works, supervising and monitoring quality control and safety in the work area.
This will involve bridge construction as well as rail under and over bridges, flyovers, as well as elevated roads that include the approaches. The company will offer services throughout Uttar Pradesh.
Rites Ltd stated, “The order will be placed after due process of scrutiny/evaluation by UP State Bridge Corporation Limited.”
Following the tender terms, Rites Ltd has to finish the purchase within 36 months of receiving the order.
On September 4, the PSU signed an MOU in partnership with NBCC (India) to “explore and undertake a wide range of consultancy, fee-based projects and EPC contracts from concept to commissioning.”
In the MoU, Rites Ltd will provide assistance and support for project management starting from concept, planning, design, and cost estimation, to tender documents and other pre-construction tasks.
It will also be able to coordinate construction. The collaboration focuses on collaboration on projects that deal with urban water, energy transportation and infrastructure, urban transport, and township development, the company stated in an announcement in the press announcement.
Quick Fact
| Company name | Rites |
|---|---|
| Order won | ₹60 crore |
| Project | Civil works supervision and monitoring |
| Scope | Bridge construction, rail under and over bridges, flyovers, elevated roads |
| Location | Uttar Pradesh |
| Excludes | GST |
| Order process | Post scrutiny/evaluation by UP State Bridge Corporation |
| Completion | 36 months from order date |
| MoU partner | NBCC (India) |
| MoU purpose | Consultancy, fee-based projects, EPC contracts |
| MoU scope | Project management, urban water, energy, transportation, township development |
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