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RITES remits investment worth Rs 24.70 lakh in JV Company

26 Sep 2018 Evaluate

RITES has remitted second tranche of investment for an amount of Rs 24.70 lakh in its joint venture (JV) company -- BNV Gujarat Rail on September 24, 2018 to subscribe JV Company’s right issue.

Earlier, the board had approved investment upto Rs 65 crore in the equity shares of the joint venture company to acquire its 26% stake. First tranche of investment of Rs 1.30 lakh was made in the joint venture Company on February 20, 2017.

RITES, an ISO 9001:2008 company, is a multi-disciplinary consultancy organization in the fields of transport, infrastructure, and related technologies. It provides a comprehensive array of services under a single roof and believes n transfer of technology to client organizations.

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