The Hindu Business Line : RITES bags Rs 635-cr contracts in 2004-05

WITH contracts worth Rs 635 crore during 2004-05, RITES Ltd — a Ministry of Railways undertaking — registered Rs 41 crore net profit for the year ended March 31, 2005.

"New business contracts worth a record Rs 635 crore were secured during 2004-2005 which will ensure rapid growth in the years ahead," said an official release.

A major achievement was the award of a railway concession against tough international competition (including Chinese firms). Under this concession, a joint venture led by RITES would operate and manage Beira Rail Corridor in Mozambique for the next 25 years, envisaging $152 million investment of which $104.5 million has been committed by the World Bank, it said. RITES is also on the verge of gaining another major railway concession in Tanzania.

RITES has achieved Rs 240 crore turnover with Rs 68 crore operating profit and Rs 41 crore net profit after tax. An interim dividend of Rs 4 crore has been paid and a final dividend of Rs 8 crore would be paid to the Ministry of Railways, the release said.

With experience in 62 countries, RITES is currently engaged in infrastructure development related to railways, highways, airports, urban transport and waterways, besides export and leasing of locomotives and rolling stock in countries like Malaysia, Myanmar, Uganda, Ethiopia, Mozambique, Tanzania, Sudan, UK, Colombia, Angola and Senegal.

RITES experts were in Afghanistan for reconstruction and development works, and procurement of equipment, goods and services. It is also engaged in projects like the Delhi Metro, Development Programme of National Highway Authorities, Pradhan Mantri Gramin Sadak Yojana, Housing Programme of Ministry of Defence, and work on airports and ropeways in different States.

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