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State-owned company RITES Limited has bagged an order for upgrading of a creek highway in Guyana worth staggering USD 9.7 million (excluding taxes), as per a stock exchange filing Wednesday.
RITES today said it has received notification of 'Intention to Award' from Ministry of Public Works, Government of the Co-operative Republic of Guyana. The project in the South American country -- Palmyra to Moleson Creek Highway- Lot 1-3 -- would be completed in five years, which includes 36 months pre-construction and construction period and 24 months - post construction period, as per the stock exchange filing. RITES, a Central Public Sector Enterprise under the Ministry of Railways, incorporated in 1974, is a multidisciplinary engineering and consultancy firm. The company was accorded Navratna status in October 2023. It provides services in the diverse sectors of transportation, railways, export of rolling stock, highways, airports, metros, urban engineering and sustainability, ports and waterways, and energy management. The grant of 'Navratna' status typically leads to an enhanced delegation of powers, more operational freedom, and financial autonomy which will give huge impetus to these companies. The Navratna companies have the autonomy to invest up to Rs 1,000 crore without seeking approval from the central government. (ANI)
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