RITES receives addendum for Ntokoto rail contract

RITES Limited [BSE: RITES] announced on March 17, 2025, that it has received an addendum to its existing contract with Ntokoto Rail Holdings Pty. Ltd. The new agreement, effective immediately, involves the supply and commissioning of overhauled Cape Gauge ALCO Diesel Electric Locomotives. This includes fitting the locomotives with new Cape Gauge Bogies, traction motors, and air brake control systems. The work will be performed at a nominated facility, with on-site warranty support for one year. Due to the expanded scope, the total value of the order has been revised from $5.4 million USD to $10.8 million USD (CIF). The international project is slated for completion within six months of receiving the advance payment for the added work.