The civil construction company announced that it has signed a memorandum of understanding (MoU) with NBCC (India) for consultancy work.
Rites inked pact with NBCC to explore and undertake a comprehensive range of consultancy, fee-based projects, and EPC contracts from concept to commissioning.
The partnership entails working synergy among the entities for various sectors and new-age projects in the sphere of urban energy, water management, urban transport & infrastructure, and township development.
The company said that it will offer consultancy and project management services from conceptualization, planning, design, and cost estimation to tender documentation and other pre-construction activities, along with coordination for construction.
While NBCC will offer its expertise for project implementation such as tendering, contract management, construction supervision, cost control, quality assurance, handing over commissioning and defect liability period, it added.
Rites, a Miniratna (Category-I) Schedule ‘A’ public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 June 2024, the Government of India held 72.20% stake in the company.
NBCC (India) is in business of operates into three major segments namely project management consultancy, real estate and engineering procurement & construction.
Shares of Rites shed 0.39% to Rs 650.75 while those of NBCC slipped 1.31% to Rs 184.20 on the BSE.
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First Published: Sep 04 2024 | 2:52 PM IST
