RITES will hold a meeting of the Board of Directors of the Company on 9 February 2023.

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The umbrella MoU pertains to exploring opportunities in the areas of sustainability, including ESG and carbon-related works like carbon neutrality etc. in sectors such as steel, cement, and power among others. It also includes R&D-related works on air quality sensors to align RITES with the vision of Ministry of Environment, Forest and Climate Change (MoEFCC) and Ministry of Housing and Urban Affairs (MoHUA) to address air pollution, greenhouse gas emissions and solid waste management.

One such R&D initiative is dynamic hyper-local source apportionment for real-time policy action. The team will deploy sensor packages at 3-4 locations for 10 days in 2 seasons, collected data will be shared with Municipal Corporations, para-statal departments, stakeholders, Central & State Government for taking suitable measures to control air pollution in the non-attainment cities (NACs), including Kanpur, Lucknow, and Bengaluru.

Manobendra Ghoshal, chief strategy officer, RITES, said, Our MoU with IIT-Kanpur will pave the way for the future as we move towards carving a niche in the areas of Sustainability for various sectors. This synergy of our strengths will give rise to action plans, roadmaps, and strategic innovation, to name a few, for enhancing Sustain4Future. Also, we aim at leveraging our consulting and technical expertise while working towards knowledge building with a pioneering institute like IIT-Kanpur.

Professor, A R Harish, dean of research and development, IIT-Kanpur, said, “Through this partnership, IIT-Kanpur and RITES will be undertaking various projects that will mutually align our sustainability objectives. Together, we look forward to 'shaping tomorrow' while also coming up with a methodology for implementing national and international best practices.”

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. The company has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East region. It is the export arm of Indian Railways for providing rolling stock overseas.

The company's consolidated net profit declined 21.6% to Rs 132.42 crore on 13.9% fall in net sales to Rs 659.08 crore in Q2 FY23 over Q2 FY22.

Shares of RITES were down 1.44% to Rs 321.20 on the BSE.

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Rites signed a memorandum of understanding (MoU) with the Indian Institute of Technology Kanpur (IIT-Kanpur) for mutual assistance and cooperation to strengthen and develop a sustainable future by “Transforming to Green”.

The umbrella MoU pertains to exploring opportunities in the areas of Sustainability, including ESG and carbon-related works like carbon neutrality etc. in sectors such as steel, cement, and power among others. The MoU also includes R&D-related works on air quality sensors to align RITES with the vision of MoEFCC and MoHUA to address air pollution, greenhouse gas emissions and solid waste management.

One such R&D initiative from RITES & IIT-Kanpur is a Dynamic Hyper-local Source Apportionment for Real-Time Policy Action. The team will deploy sensor packages at 3-4 locations and fully instrumented mobile lab will be deployed at each site for 10 days in 2 seasons. Thus, collected data will be used to collect source information which will be shared with Municipal Corporations, para-statal departments, stakeholders, Central & State Governments for taking suitable measures to control air pollution in the Non-Attainment Cities (NACs), including Kanpur, Lucknow, and Bengaluru. RITES and IIT-Kanpur also have the onus to work on a pathway to Carbon Neutrality to contribute to our country's Paris Agreement. Hence, both the institutions will be supporting each other to set goals for reducing carbon footprint and set a framework to achieve ESG milestones.

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KIIFCON is a consultancy organization under Kerala infrastructure investment fund board (KIIFB), which facilitates sustainable infrastructure development in Kerala.

As part of the MoU, RITES and KIIFCON will work as partners to provide consultancy regarding development and execution for transport and infrastructure projects in various sectors, including highways, airports, ports & waterways, urban transport (metros), sustainability, urban/industrial planning, bridges & tunnelling, and railway infra etc., across the domestic and international market.

They will jointly develop a 'go-to' market strategy to work proactively and bring in best practices by leveraging each other's strengths to optimise operations.

Manobendra Ghoshal, chief strategy officer, RITES, said, The partnership will facilitate exploring consultancy opportunities arising in multiple sectors. Apart from a diversified sector portfolio (for consultancy), RITES will also bring in technical expertise, and marketing capabilities to strengthen the association.

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. The company has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East region. It is the export arm of Indian Railways for providing rolling stock overseas.

The company's consolidated net profit declined 21.6% to Rs 132.42 crore on 13.9% fall in net sales to Rs 659.08 crore in Q2 FY23 over Q2 FY22.

Shares of RITES shed 0.21% to settle at Rs 339.60 on Friday, 30 December 2022.

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