RITES Limited, a prime transport infrastructure consultancy and engineering firm, today signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock, the company announced through an exchange filing.
As part of the MoU, RITES and CFM Angola will collaborate in areas such as supply of Rolling Stock, Railway Infrastructure Projects, repairing of rolling stock, operations and maintenance of railway infrastructure, Information Technology services, Technical Maintenance and Master Planning and more.
Manobendra Ghoshal, Chief Strategy Officer, RITES Ltd., said, “We are delighted to sign this MoU with CFM Angola, which highlights our concerted efforts under the strategic initiative ‘RITES Videsh’. This partnership will enable us to share our expertise and resources, and we look forward to a long and successful relationship.”
The shares of RITES on Tuesday closed at Rs 513.05, down by 9.55 per cent.