BEML said that it has signed a memorandum of understanding (MoU) with RITES to explore and jointly bid for opportunities in the fields of metro systems and export of rolling stock.
RITES is transport infrastructure consultancy and engineering company.
As part of the MoU, RITES will provide expertise in design, engineering, marketing and any other support that may be required for tapping domestic and overseas opportunities while BEML will be responsible for manufacturing of customized metro coaches and rolling stock.
The MoU will allow both companies to leverage each other's expertise and technologies to opitimise operations and expand on a global level. It would enable BEML and RITES to jointly bid and provide the entire spectrum of services from design, manufacture to operations & maintenance for the existing and upcoming metro systems as well as export of rolling stock and related services.
BEML is a leading multi-technology company manufactures high quality product for diverse sectors of the economy such as defence, coal, mining, cement, steel, power, irrigation, road building, metro, railways and aviation. BEML has its operation under three business verticals viz. Defence & Aerosapce, Mining & Construction and Rail & Metro.
BEML is a multi-technology schedule 'A' company under the Ministry of Defence. The company operates in three verticals viz. defence & aerospace, mining & construction and rail & metro. As on 30 September 2021, the Government of India held 54.03% stake in BEML.
On a consolidated basis, the company reported a 38.1% fall in net profit to Rs 10.66 crore on a 50.7% increase in net sales to Rs 1,000.42 crore in Q2 FY22 over Q2 FY21.
The scrip fell 1.72% to end at Rs 1857.70 on the BSE today.
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