RITES inks MoU with Shipping Corp to collaborate in maritime logistics and multi-modal transport solutions

RITES Ltd. on Friday, October 31, said, it had signed a Memorandum of Understanding (MoU) with the Shipping Corporation of India Ltd. to explore collaboration in maritime logistics and multi-modal transport solutions.Both companies will collaborate and ensure the timely and efficient movement of RITES’ cargo across global destinations, the company said in an exchange filing.

The collaboration also aims to design innovative, cost-effective, and resilient supply chain and logistics models tailored to RITEs’ operational needs, it added.

Both companies will also engage in knowledge exchange and capacity-building initiatives, sharing best practices in areas such as supply chain resilience, digital cargo tracking, and logistics planning for high-value consignments, it added.On another note, last month, RITES inked an MoU with Etihad Rail and its subsidiary NICC LLC to boost collaboration in the mobility sector across the UAE and beyond.

The MoU was signed at the Global Rail Transport Infrastructure Exhibition and Conference in Abu Dhabi.

RITES shares were down 0.4% at 247 apiece around 2.35 pm. The stock has declined 16.4% this year, so far.

Also Read: Intellect Design Q2 Results: Net profit jumps 94% to ₹102 crore; margin expands