RITES turnover up 16.6% at Rs 661 for FY08

New Delhi, Sept 23 (UNI) RITES Ltd, a subsidiary under the Railway Ministry, has achieved a record turnover of Rs 661 crore during 2007-08 as against the previous year's Rs 567 crore, registering an increase of 16.6 per cent.

The company, with book order value at Rs 1,092.40 crore at the end of the financial year, had recently won, amid tough international competition, a contract to implement Ranzania Railway concession project.

Under the contract, RITES has to rehabilitate and operate freight as well as passenger trains over the entire Tanzanian Railway network for the next 25 years. The assets conceded to RITES are over 350 million dollars.

Earlier, in 2004-05, the company was awarded a 25-year contract to operate the Beira rail system in Mozambique for transporting coal from mines. The rehabilitation of rail system is progressing satisfactorily and is likely to be completed by 2009, RITES Chairman and Railway Board Member (Mechanical) R K Rao said at the 34th Annual General Meeting of the company.

He also informed that the company achieved a new high with the export of first-ever consignment of two diesel multiple unit train sets and one self-propelled accident relief train to Angola.

There was also a major expansion in leasing activities. RITES had been awarded the leasing contract of 23 in-service coaches and 25 in-service diesel locomotives to Tanzania Railways Limited (TRL exports of rolling stock were also made to a number of other countries including Angola, Senegal and Mali).

Besides, a prestigious project worth 74 million dollars has been bagged by the company for the Sri Lanka's Southern Railway Line Upgrade project affected by Tsunami. This is the largest ever export order which envisages rehabilitation of the Colombo-Matara line and induction of new passenger train services.

UNI KAS SR NS1824