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RITES Secures ₹454-crore Turnkey Contract in Karnataka

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Synopsis:

RITES Ltd has secured a ₹454-crore turnkey contract from KMERC for two railway freight terminals in Karnataka. The project is part of a mining environment restoration initiative and is expected to be completed within 30 months.

RITES news today

RITES Ltd, a leading engineering consultancy firm, has announced the conversion of its project management consultancy (PMC) contract with the Karnataka Mining Environment Restoration Corporation (KMERC) into a turnkey contract. The project, valued at ₹454 crore (excluding GST), involves the construction of two railway private freight terminals (PFTs) in Ballari District, Karnataka, under the Comprehensive Environment Plan for Mining Impact Zone (CEPMIZ).

RITES LIMITED

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Updated - 09 May 2025
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The PFTs, located at Dharmapura and Susheel Nagar, are designed to facilitate freight movement for the mining industry, supporting the state's environmental restoration efforts. The project’s conversion to a turnkey contract means that RITES will now be responsible for the complete execution of the project, from design to construction, offering a more comprehensive solution to KMERC.

Project scope and timeline

The ₹454-crore project includes the project management consultancy fee, with RITES managing every aspect of the development, including engineering, procurement, and construction. The entire project is expected to be completed within 30 months from the date of agreement signing or site handover.

RITES was initially awarded the contract as a PMC project, but the recent transition to a turnkey model enhances the company’s involvement, ensuring delivery of end-to-end projects. The PFTs are a critical infrastructure component in the region, and their development aims to improve logistics and reduce environmental impacts caused by mining activities in Karnataka.

Other recent developments

In addition to this Karnataka project, RITES has been active in securing other contracts. On October 1, RITES announced receiving a $4.28 million (approximately ₹36 crore) contract from Tsiko Africa Logistics (Pty) Limited for the supply and commissioning of a diesel-electric locomotive. Additionally, RITES emerged as the lowest bidder in a ₹60-crore tender for consultancy services related to bridge construction in Uttar Pradesh.

Impact on RITES share price

Following the announcement of the turnkey contract, shares of RITES Ltd were down by 2.62% to ₹292.20 on the BSE. While the project is a significant win, the RITES share price saw a minor dip, likely reflecting broader market sentiment.

The ₹454-crore contract for railway freight terminals marks another significant step for RITES in expanding its portfolio of infrastructure projects. With multiple contracts in place, the company is well-positioned to continue its growth trajectory in the engineering and consultancy sector.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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