RITES PAYS INTERIM DIVIDEND
The Rail India Technical
and Economic Services Limited (RITES), a public sector undertaking
of the Ministry of Railways, paid interim dividend of 125 per
cent for the year 2002-2003 here today. A cheque of Rs.2.5 crore
was handed over to the Union Minister of Railways, Shri Nitish
Kumar by Sh. D. C. Mishra, Managing Director, RITES.
RITES, a consultancy
organization in transport sector having several overseas contracts,
has been a profit earning enterprise and paying dividends continuously
since its inception three decades ago. A dividend of Rs.3.75 crore
was paid in the previous year. Based on the results available
upto January 2003 the Company is likely to earn marginally above
the last year’s net profit of Rs.39 crore after tax.
The Company has in
hand railway projects in U.K., Malaysia, Tanzania, Mozambique,
Colombia and Sharjah at present, besides highway and urban transportation
projects in Ethiopia and Uganda. The Company has of late taken
up export of products of Indian Railways’ Production Units. It
has exported 5 metre gauge diesel locomotives to Vietnam in current
year with another consignment of 5 locomotives due to be shipped
shortly. The Company has undertaken consultancy assignments related
to privatization of Government owned railway systems in Tanzania,
Mozambique and Sri Lanka in the current year.
