RITES secures USD 35.82 Mn order for locomotive supply in South Africa

RITES has secured an international order worth USD 35,820,000 from Volantis Asset Finance (Pty) Ltd., a South Africa-based entity, for the supply and commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives. The order is scheduled to be executed over a period of 20 months. The contract agreement is set to be signed following due diligence by both parties, after which it will be formally added to the company's order book.

Order Details

The project involves the supply and commissioning of high-powered diesel electric locomotives. RITES confirmed that the order is not a related party transaction and that no promoters or group companies hold any interest in the awarding entity. The following table summarises the key parameters of the order:

Particulars:	Details
Client:	Volantis Asset Finance (Pty) Ltd.
Nature of Order:	Supply and Commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives
Order Value:	USD 35,820,000
Execution Period:	20 months
Geographical Scope:	International

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.74%	+0.75%	+10.86%	-2.42%	-19.01%	+59.33%

Rites Ltd announced that Dr. Dineshananda Goswami will cease to be an Independent Director on the Board of the company effective July 07, 2026, following the completion of his tenure. The cessation is a consequence of the end of his term, which was approved by the Ministry of Railways, Government of India, and subsequently ratified by shareholders.

Dr. Goswami was initially appointed as an Additional Director (Independent Director) on July 07, 2025, for a period of one year or until further orders, whichever was earlier. This appointment was confirmed by the shareholders during the 51st Annual General Meeting held on September 23, 2025. The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company has provided the updated list of Directors following the cessation of Dr. Goswami. The Board now comprises seven members, including the Chairman & Managing Director and functional directors.

Updated Board Composition

S. No.	Name	Designation
1	Shri Rahul Mithal	Chairman & Managing Director
2	Dr. Deepak Tripathi	Director (Technical)
3	Shri Krishna Gopal Agarwal	Director (Finance)
4	Shri Prem Singh Meena	Director (Projects)
5	Shri Jayant Kumar	Government Nominee Director
6	Shri Atul Singh	Government Nominee Director
7	Shri Rajbir Sharma	Independent Director