RITES Expands Global Rail Presence, Bags ₹299 Crore Locomotive Supply Order From South Africa
RITES Ltd announced on Monday it secured an international order worth USD 35.82 million (approximately Rs 299 crore) from Volantis Asset Finance (Pty) Ltd., South Africa, for locomotive supply and commissioning.
RITES Ltd announced on Monday it secured an international order worth USD 35.82 million. |
Mumbai: RITES Ltd on Monday announced it has received an acceptance of its offer from Volantis Asset Finance (Pty) Ltd., South Africa, for the supply and commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives.
Order Value
The contract is valued at USD 35,820,000, which translates to approximately Rs 299 crore based on a recent exchange rate of Rs 83.47 per US dollar.
Scope of Work
The order involves the supply and commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives.
Execution Timeline
RITES expects to execute the order within a period of 20 months from the signing of the contract agreement.
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Agreement Status
The company stated that a formal contract agreement will be signed after due diligence is completed by both parties. Following this, the order will be added to its order book.
International Entity
The order was awarded by an international entity, Volantis Asset Finance (Pty) Ltd.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
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