RITES signs MoU with IIT-Kanpur for sustainable future

RITES signed memorandum of understanding (MoU) with Indian Institute of Technology Kanpur (IIT-Kanpur) to strengthen and develop a sustainable future by "Transforming to Green".

The umbrella MoU pertains to exploring opportunities in the areas of sustainability, including ESG and carbon-related works like carbon neutrality etc. in sectors such as steel, cement, and power among others. It also includes R&D-related works on air quality sensors to align RITES with the vision of Ministry of Environment, Forest and Climate Change (MoEFCC) and Ministry of Housing and Urban Affairs (MoHUA) to address air pollution, greenhouse gas emissions and solid waste management.

One such R&D initiative is dynamic hyper-local source apportionment for real-time policy action. The team will deploy sensor packages at 3-4 locations for 10 days in 2 seasons, collected data will be shared with Municipal Corporations, para-statal departments, stakeholders, Central & State Government for taking suitable measures to control air pollution in the non-attainment cities (NACs), including Kanpur, Lucknow, and Bengaluru.

Manobendra Ghoshal, chief strategy officer, RITES, said, "Our MoU with IIT-Kanpur will pave the way for the future as we move towards carving a niche in the areas of Sustainability for various sectors. This synergy of our strengths will give rise to action plans, roadmaps, and strategic innovation, to name a few, for enhancing Sustain4Future. Also, we aim at leveraging our consulting and technical expertise while working towards knowledge building with a pioneering institute like IIT-Kanpur."

Professor, A R Harish, dean of research and development, IIT-Kanpur, said, Through this partnership, IIT-Kanpur and RITES will be undertaking various projects that will mutually align our sustainability objectives. Together, we look forward to 'shaping tomorrow' while also coming up with a methodology for implementing national and international best practices.

RITES, a Miniratna (Category - I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East region. It is the export arm of Indian Railways for providing rolling stock overseas.

The company's consolidated net profit declined 21.6% to Rs 132.42 crore on 13.9% fall in net sales to Rs 659.08 crore in Q2 FY23 over Q2 FY22.

Shares of RITES were down 1.44% to Rs 321.20 on the BSE.

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