New Delhi: RITES Limited, a leading transport infrastructure consultancy and engineering firm under the Ministry of Railways, on Friday said that has received a Letter of Intent from Bharat Electronics Limited (BEL) for a major infrastructure project in Andhra Pradesh.
In a regulatory filing with the stock exchanges, RITES informed that this contract, valued at approximately Rs 177.23 crore (excluding GST), involves the design, project management consultancy (PMC), and construction of a mass manufacturing facility for BEL’s Electro-Mechanical Systems Business Unit (EM SBU) at Palasamudram.
The contract will be executed on a cost-plus basis over a period of 24 months from the date of the agreement. BEL, a Navratna Defence PSU under the Ministry of Defence, has awarded this contract as part of its ongoing efforts to expand indigenous manufacturing capacity in the defence electronics sector.
According to RITES, the project will include comprehensive services ranging from infrastructure design and engineering to supervision and construction management. It is expected to significantly bolster BEL’s production infrastructure, supporting the government's Aatmanirbhar Bhara initiative.
RITES confirmed that the transaction does not fall under related party arrangements and that none of its promoter or group companies have any interest in the awarding entity.
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