• UGI USER
  • May 30, 2024
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RITES AIMS TO BOOST EXPORTS TO ENHANCE ORDER BOOK AND MARGINS

Why in the news?

  • RITES plans to increase exports to improve its order book and profit margins.
  • The company will supply 200 coaches worth ₹915 crore to Bangladesh Railway.
  • Agreements to supply ten locomotives to Mozambique and 200 coaches to Bangladesh are expected to boost revenue from H2 FY25.
source:slideshare

About Rail India Technical and Economic Service(RITES):

  • RITES Ltd., a government-owned engineering consulting company under Indian Railways, focuses on transportation infrastructure.
  • Founded in 1974, it offers services in rail transport, motorways, ports, airports, and urban planning.
  • Achieved MINI RATNA status in 2002.
  • Listed on major Indian stock exchanges in July 2018.
  • Key areas: urban/regional planning, infrastructure, highways, airports, seaports, mass transit systems.
  • Projects in 55 countries across Asia, Africa, Latin America, Middle East.
About India-Middle East Europe Economic Corridor (IMEC):

  • MoU signed during G20 Summit 2023 for India-Middle East Europe Economic Corridor (IMEC).
  • Involves rail connectivity, shipping lines, high-speed data cables, and energy pipelines.
  • Enhances trade and services between India, UAE, Saudi Arabia, Jordan, Israel, and Europe.

About Public Sector Undertaking (PSU):

  • Public Sector Undertaking (PSU) is government-owned, established by Indian or State governments.
  • Contributes to the economy by providing public services.
  • Nationalization converts private assets to public under government control.