RITES Ltd., the state-run railway PSU, on Wednesday, October 9, mentioned it signed a Memorandum of Understanding (MoU) with Etihad Rail for rail infrastructure works in UAE.
Eithad Rail is the developer and operator of the UAE Nationwide Rail Community. RITES mentioned the MoU is to discover cooperation and synergise strengths in creating railways and associated infrastructure within the UAE and wider area.
Etihad Rail CEO Shadi Malak and RITES chairman and managing director Rahul Mithal signed the MoU through the International Rail Transport Infrastructure Exhibition and Convention in Abu Dhabi on Tuesday, October 8.
RITES mentioned the partnership goals at leveraging strengths of each entities to discover collaborative alternatives to provide / lease rolling inventory, consultancy and mission administration for railway tasks, companies comparable to repairing of rolling inventory and operation and upkeep of railway infrastructure to make sure extra environment friendly and modernised rail companies within the UAE and throughout the area.
One other key initiative as per the MoU is the capability evaluation of rail corridors within the UAE and close by areas, thus aiming to assist enhance effectivity, streamline logistics and improve commerce routes. Each events can even discover superior IT options for prepare operations and passenger administration and technical inputs on upkeep practices, RITES mentioned.
The partnership can even entail information switch, experience sharing and workforce growth, it mentioned, including that complete coaching packages and employee-exchange initiatives type essential parts of the partnership.
“This strategic collaboration with Etihad Rail underscores our strengths and dedication to operational excellence and innovation, whereas contributing to sustainable infrastructure growth. It represents a big development in our strategic initiative of ‘RITES Videsh’ aimed toward increasing our world companies,” Mithal mentioned.
Malak mentioned the the strategic partnership with RITES marks a big step in direction of Etihad Rail’s imaginative and prescient of enhancing connectivity and reworking the transportation panorama within the UAE. “By this collaboration, we are going to yield forward-thinking, modern options that profit each our freight companies and future passenger companies, contributing to the general infrastructure and operational excellence of the area,” Malak added.
RITES shares had been buying and selling 10.04% larger at ₹330.5 apiece at 12.45 pm on Wednesday, October 9. The inventory has gained 30.37% this yr, up to now.
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First Printed: Oct 9, 2024 8:11 AM IST
