RITES Secures $81M Contract From Zimbabwe Railways

RITES has signed contracts with railways in Zimbabwe (National Railways of Zimbabwe) for the supply of rolling stock.

The deal size is just over $81 million, RITES told exchanges on Friday.

“However, the contractual arrangements are subject to the funding agency’s approval of the funding,” she added.

Shares rose four percent to Rs.393.50 in response to the news.

RITES, a state-owned company, is active in the transport consulting and engineering sector – for railways, motorways, urban planning (subways), airports, ports and cableways, among others.

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