Gurugram: RITES Ltd, a government-owned engineering consultancy and transport services firm, has bagged a fresh export contract from ICVL Mozambique valued at 20.6 million dollars. The deal includes supply of diesel-electric locomotives and on-site maintenance over a multi-year timeline.
Press Release |
The company received a Letter of Intent (LoI) for supplying new Cape Gauge diesel-electric locomotives. Along with the equipment, RITES will provide preventive maintenance services and consumable spare parts. The supply phase is set to be completed in 15 months, followed by 24 months of maintenance.
This is a fully international order awarded by ICVL Mozambique. The scope includes both hardware (locomotives) and services (maintenance support). RITES did not report any related party involvement or promoter interest in the awarding entity, confirming the contract is independent and arm’s-length.
According to the stock exchange filing dated January 27, 2026, the company highlighted that the project aligns with its continued focus on overseas markets. Management noted that delivering high-value rolling stock to global clients reflects RITES’ competitive positioning in the export segment.
The contract spans over two phases—15 months for the supply of locomotives and another 24 months for maintenance. This long-tail service model suggests consistent revenue inflow over three years and deepens RITES' footprint in the African railway sector.
Disclaimer: This article is based solely on official stock exchange disclosures. It does not constitute financial advice or forward-looking commentary. Figures are factual as per the company’s regulatory filing.
