RITES, a transport infrastructure consultancy & engineering company, and the Indian Institute of Technology, Roorkee (IIT-R) have entered into a memorandum of understanding (MoU) to explore viable business opportunities in the infrastructure sector.
Under this agreement, RITES and Indian Institute of Technology, Roorkee (IIT-R) will collaborate for knowledge sharing, research and development and technical services, including consultancy assignments etc. The partnership is expected to bring in good practices by leveraging one another's expertise and to push the vision of building sustainable and robust infrastructure in the country and abroad.
RITES' consolidated net profit rose 30.41% to Rs 168.97 crore on a 72.06% increase in net sales to Rs 755.18 crore in Q2 FY22 over Q2 FY21.
RITES is a Miniratna (category - I) schedule 'A' public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.
Shares of Rites fell 0.49% to Rs 276.40 on BSE. As of 30 September 2021, the Government of India held 72.2% stake in the company.
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