New Delhi [India], October 3 : A state-owned engineering firm, RITES Ltd, specialised in transport infrastructure, has on Thursday signed a Memorandum of Understanding (MoU) with Delhi Metro, to identify, secure, and execute metro projects in India and abroad.
As per a statement from RITES, this strategic collaboration will focus on offering services in areas including general consultancy, project management, detailed design, feasibility studies and others.
Also, RITES said the MoU is part of the ongoing efforts to expand its global footprint under its 'RITES Videsh' initiative.
"With DMRC's extensive experience in metro rail operations and RITES' proven expertise in transport infrastructure, both entities are well-positioned to pursue emerging opportunities," RITES added.
RITES has an experience of about 50 years and has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.
In October 2023, RITES Ltd was accorded the Navratna status by the government.
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 such companies.