Ircon International (IRCON) has signed a Memorandum of Understanding with RZD International LLC to explore opportunities for joint development of railways and other infrastructure projects in Asia, Africa and Latin America.
The announcement was made after market hours yesterday, 14 May 2020. Shares of Ircon International dropped 3.16% to close at Rs 85.85 on 14 May 2020.
According to MoU both parties have agreed to form a joint Indian - Russian working group. This group will look into ways of developing strong partnership to coordinate, plan and subsequently implement projects in field of railways and other infrastructure not only in India but also in countries of mutual interest.
RZD International LLC is a subsidiary of state-owned Russian Railways Company which offers the whole spectrum of railway construction services and technologies, from pre-feasibility studies to execution and commissioning of turnkey projects abroad.
Commenting on the MOU S. K. Chaudhary, Chairman & Managing Director, IRCON, said this MOU will help the company to enhance its presence in different geographies.
Ircon International is a Miniratna (Category - I) Schedule A Public Sector Enterprise and a leading turnkey construction company in the public sector.
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