Rites has signed an agreement with a foreign client for receipt of payment of an amount of around Rs 92 crore on or before September 15, 2019 being outstanding payment due to the company, for which arbitration proceedings were already initiated.
The company has agreed to withdraw the arbitration proceedings on receipt of the total payment. Out of this amount, around Rs 66 crore is towards principal which is already provided for in the books of the company and around Rs 26 crore is towards interest income which is not yet recognised due to uncertainty.
RITES 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.
