Rites said that it has signed a memorandum of understanding (MoU) with the National Institute of Solar Energy (NISE) to collaborate for quality assurance (QA) services for solar and renewable energy projects.
The National Institute of Solar Energy (NISE), an apex R&D institute under the Ministry of New and Renewable Energy (MNRE).The strategic partnership will leverage RITES extensive expertise in assuring quality, along with NISEs leadership in solar energy research and technology development, to deliver innovative solutions in the renewable energy sector. It aims at exploring and executing QA projects in solar photovoltaic (PV), solar thermal applications, green hydrogen, and other renewable energy domains.
Under this MoU, RITES will provide QA services, while NISE will contribute through research, training, and technological support. Both organizations will work closely to enhance strengthen renewable energy infrastructure and promote skill development initiatives.
RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2024, the Government of India held 72.20% stake in the company.
The companys consolidated net profit declined 27.84% to Rs 72.98 crore in Q2 FY25 as against Rs 101.15 crore recorded in Q2 FY24. Revenue from operations fell 7.12% to Rs 540.86 crore in the quarter ended 30 September 2024 from Rs 582.36 crore posted in Q2 FY24.
Shares of Rites rose 0.16% to Rs 275.15 on the BSE.
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