RITES board approves JV with NICC Infrastructure Construction LLC in UAE

RITES has received board approval to form a joint venture with NICC Infrastructure Construction LLC, establishing a Limited Liability Company in the United Arab Emirates. The decision, taken on June 25, 2026, marks the company's strategic move to expand its footprint in the Gulf region through a structured international partnership involving capital investment.

Joint Venture Details

The board has greenlit the formation of the joint venture and the investment of capital in the proposed entity. Key parameters of the partnership are summarised below:

Parameter	Details
Joint Venture Partner	NICC Infrastructure Construction LLC
Location	United Arab Emirates (UAE)
Entity Type	Limited Liability Company (LLC)
Investment	Approved (quantum to be disclosed)

Next Steps

Additional details regarding the scope, structure, and financial commitments of the joint venture will be disclosed following the execution of the Shareholders Agreement. The company stated that detailed disclosures required under Regulation 30 of the SEBI LODR Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026, will be intimated to the Stock Exchanges in due course.

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RITES and Neyveli Uttar Pradesh Power Limited (NUPPL) have executed an amendment to the Memorandum of Understanding (MoU) to include the hiring of locomotives on a wet-lease basis. The contract value for the comprehensive operation and maintenance of the NUPPL/GTPP Railway Siding has been enhanced to ₹148.93 Crore excluding GST. This amendment expands the scope of the original work awarded by the domestic entity.

Contract Details

The agreement involves the comprehensive Operation & Maintenance of the NUPPL/GTPP Railway Siding and the hiring of locomotives for in-plant movement and shunting of rakes. The order has been awarded by Neyveli Uttar Pradesh Power Limited, a joint venture of NLC India Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited.

Particulars	Details
Entity awarding order	Neyveli Uttar Pradesh Power Limited (NUPPL)
Nature of order	Comprehensive Operation & Maintenance of NUPPL/GTPP Railway Siding and hiring of locomotives on a wet-lease basis
Duration	48 months
Enhanced Contract Value	₹148.93 Crore (excluding GST)
Previous Contract Value	₹120.13 Crore

Regulatory Disclosures

The company confirmed that the order falls within the domestic category and is not a related party transaction conducted at arm's length. The promoters, promoter group, or group companies do not hold any interest in the entity awarding the order. The total time period for execution remains 5 years from the original MoU entered on February 13, 2025.