New Delhi: RITES Limited, a leading transport infrastructure consultancy and engineering company, has secured a significant turnkey contract worth Rs 46.82 crore (excluding GST) from the Department of Collegiate and Technical Education (DCTE), Government of Karnataka.
The contract involves construction and renovation works for Government First Grade Colleges across various locations in the state under the centrally sponsored PM-USHA (Pradhan Mantri Uchchatar Shiksha Abhiyan) scheme.
Originally considered under a Project Management Consultancy (PMC) model, the project has now been awarded to RITES on a turnkey basis, which includes the total project cost along with RITES' consultancy fees.
As per the disclosure made to stock exchanges, the project is scheduled to be executed within a time frame of 36 months from the date of agreement.
The order has been awarded by a domestic government entity—DCTE, Office of the Commissioner, Unnatha Shikshna Soudha, Bengaluru. RITES clarified that this does not fall under related party transactions and that none of its promoter or group companies have any interest in the awarding entity.
The project is expected to bolster infrastructure development for higher education institutions in Karnataka, supporting the government’s broader objectives under the PM-USHA scheme.
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