RITES inks MoU with Senegal firm for cooperation in Rail sector

RITES, after trading hours yesterday, said that it has signed a memorandum of understanding (MoU) with Grands Trains DU Senegal for technical cooperation in the railway sector.

Grands Trains DU Senegal is a railroad company of Senegal.

The MoU aims to enable technical cooperation in the fields of rail transportation, supply of rolling stock, railway infrastructure development, including dedicated freight corridors and passenger stations, modernization of workshops, IT solutions for railway operations, and up gradation of signalling, telecommunication, and rail monitoring systems.

The MoU also facilitates RITES to offer its services for the operation and maintenance of the railway network and sidings.

Sanjay Agarwal, executive director (regional projects), RITES, said, The MoU with Grands Trains DU, Senegal, will pave the path towards export of new technologies and training practices as we continue to leverage our consulting and technical expertise across the world.

We believe that the steady supply of high-quality locomotives, coaches, wagons, DEMUs, and other equipment will unlock the potential of railway excellence in Senegal.

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. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).

The company reported a marginally lower consolidated net profit of Rs 136.75 crore in Q4 FY22 from Rs 137.73 crore posted in Q4 FY21. Net sales surged 21.7% to Rs 766.02 crore for the quarter ended 31 March 2022 from Rs 629.36 crore recorded in the corresponding period last year.

The scrip advanced 0.53% to currently trade at Rs 246.40 on the BSE.

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