RITES, IRFC sign MoU to explore consultancy works in transport infrastructure

Gurugram, India (Urban Transport News): RITES Ltd, a prominent transport infrastructure consultancy and engineering firm in India, has taken a significant step towards fostering collaboration in the railway ecosystem and the transport infrastructure sector. On 27th July, 2023, RITES signed a Memorandum of Understanding (MoU) with the Indian Railway Finance Corporation (IRFC) to explore avenues of mutual cooperation and synergy.

The MoU signifies a strategic partnership between RITES and IRFC, aimed at leveraging their respective strengths to facilitate mega and critical projects in the transport infrastructure domain. As part of the collaboration, RITES will offer its expertise in consultancy and advisory services, playing a pivotal role in evaluating the financial and technical viability of projects.

Conversely, IRFC will provide crucial financial services to projects and institutions with backward and/or forward linkages with the Railways. This financial backing is expected to accelerate the implementation of key projects within the railway sector, further augmenting the nation's transport infrastructure.

Speaking on the occasion, Mr. Manobendra Ghoshal, Chief Strategy Officer of RITES Ltd, expressed his enthusiasm for the partnership. He stated, "The synergy between RITES' consultancy prowess and IRFC's financial expertise will pave the way for sustainable growth in the transport infrastructure sector. By sharing knowledge and innovation, this strategic collaboration aims to catalyze significant advancements in consultancy and engineering."

RITES Limited has established itself as a leading player in India's transport consultancy and engineering sector. With an extensive range of diversified services and a wide geographical reach, RITES boasts an impressive 49-year track record, having undertaken projects in over 55 countries across Asia, Africa, Latin America, South America, and the Middle East region.

This new partnership between RITES and IRFC holds promise for driving transformative projects and contributing to the continued development of the nation's transport infrastructure. The combined expertise of both entities is expected to unlock innovative solutions and elevate the standards of consultancy and engineering within the industry.