RITES bags ₹373 crore project management contract from NIMHANS for new OPD building

State-owned engineering consultancy RITES Ltd on Monday (November 3), announced that it has received a Letter of Award from the National Institute of Mental Health & Neuro Sciences (NIMHANS) for project management consultancy (PMC) services related to the construction of a new Outpatient Department (OPD) building at the NIMHANS campus in Bengaluru.

According to the company’s exchange filing, the project will be executed on a turnkey basis with a total contract value of ₹372.68 crore, exclusive of GST and inclusive of the PMC fee.

The project is expected to be completed within 36 months. RITES confirmed that the order was awarded by a domestic entity and that neither the promoter nor the promoter group has any interest in NIMHANS. The contract does not fall under related party transactions.

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Last week, RITES Ltd said it had signed a Memorandum of Understanding (MoU) with the Shipping Corporation of India Ltd. to explore collaboration in maritime logistics and multi-modal transport solutions.

Both companies will collaborate and ensure the timely and efficient movement of RITES' cargo across global destinations, the company said in an exchange filing. The collaboration also aims to design innovative, cost-effective, and resilient supply chain and logistics models tailored to RITEs' operational needs, it added.

Both companies will also engage in knowledge exchange and capacity-building initiatives, sharing best practices in areas such as supply chain resilience, digital cargo tracking, and logistics planning for high-value consignments, it added.

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Shares of RITES Ltd ended at ₹247.85, up by ₹2.35, or 0.96%, on the BSE.