Rites Limited, AD Ports Group ink MoU; shares rise

Rites Limited’s shares were up by 4.67 per cent after AD Ports Group announced a collaboration for logistics infrastructure development. 

The company said the partnership combines Rites’ expertise in transport infrastructure development and project management with AD Ports Group’s portfolio of ports, logistics solutions, and business clusters.

The collaboration will focus on areas such as ports, multimodal logistic parks, free trade zones, rail connectivity projects, and logistics infrastructure services, including the upcoming IMEEC and other global logistic initiatives.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “Our collaboration with Rites would significantly advance the objectives of both of our great nations, building on the strong, successful and well-established relationship. With our wise leaders’ guidance, we aim to further our ambitious economic objectives, which will profoundly impact global commerce, invigorating ancillary sectors.”

The shares were up by 4.67 per cent to ₹741.35 on the BSE.

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