RITES Secures Major PMC Contract for Medical College and Hospital in Maharashtra
RITES has secured a major PMC contract to oversee the construction of a new medical college and hospital in Amravati, Maharashtra, valued at ₹321.30 crore.
by Damodharan N
Updated Jul 25, 2024
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Table of Content
RITES, a premier infrastructure consultancy and project management organization, has announced a significant achievement with the receipt of a Letter of Intent (LOI) for a major Project Management Consultancy (PMC) contract. The contract is for the construction of a new government medical college and hospital in Amravati, Maharashtra.
The contract was awarded by the Directorate of Medical Education & Research, Mumbai. This project involves the establishment of a new medical college with a capacity for 100 students and a 430-bedded hospital. The comprehensive scope of the PMC contract includes overseeing the entire construction process on a turnkey basis, ensuring that all aspects of the project are executed efficiently and effectively.
Key details of the contract include:
- Awarding Entity: Directorate of Medical Education & Research, Mumbai
- Nature of Work: Project Management Consultancy for the construction of a new medical college and hospital
- Capacity: 100 students for the medical college and 430 beds for the hospital
- Location: Amravati, Maharashtra
- Project Value: Estimated at ₹321.30 crore excluding GST
- Timeframe: The project is expected to be completed in 30 months, with an additional Defect Liability Period of 60 months
The project is a significant step in improving medical education and healthcare infrastructure in the region. RITES will leverage its extensive expertise in project management to ensure that the construction meets high standards of quality and efficiency.
Source: Here
Market Reaction
After RITES announced the Letter of Intent on the NSE at 12:51 PM, its share price quickly surged to ₹700 by 12:54 PM, the highest of the day. Prior to this announcement, the stock was declining, with the price peaking at ₹691 at 9:18 AM, then falling to ₹677 by 10:08 AM and ₹675 by 12:45 PM.
Following the surge, the price fell back to ₹693 by 1:08 PM and settled at ₹676 by 3:00 PM. The sharp increase to ₹700 indicates a positive reaction to the announcement, despite the overall volatility in the stock price throughout the day.
NSE Live Price: here
Rites
RITES Limited, a Navratna and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, is a leading engineering and consultancy organization established in 1974. It specializes in transport infrastructure, offering services from planning to implementation across various sectors including railways, highways, metros, and airports.
With a presence in over 55 countries, RITES is known for its high-quality solutions and expertise, contributing to major projects like the Bogibeel Bridge and Ahmedabad Metro. The company emphasizes sustainable mobility and operational excellence in its projects.
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RITES Secures Major PMC Contract for Medical College and Hospital in Maharashtra - FAQs
1. What is the contract RITES secured?
RITES secured a Project Management Consultancy (PMC) contract for constructing a new medical college and hospital in Amravati, Maharashtra.
2. Who awarded the contract to RITES?
The Directorate of Medical Education & Research, Mumbai, awarded the contract to RITES.
3. What will RITES be responsible for in this contract?
RITES will oversee the entire construction process on a turnkey basis for the new medical college and hospital.
4. What is the estimated value of the contract?
The estimated value of the contract is ₹321.30 crore, excluding GST.
5. What are the key features of the new facility?
The facility will include a medical college with a capacity of 100 students and a 430-bedded hospital.
6. Where is the project located?
The project is located in Amravati, Maharashtra.
7. How long will the project take to complete?
The project is expected to be completed in 30 months, with an additional Defect Liability Period of 60 months.
8. What does the Defect Liability Period entail?
The Defect Liability Period is a 60-month period during which RITES will address any defects or issues that arise after the project's completion.
9. How will this project impact the region?
The project will enhance medical education and healthcare infrastructure in the Amravati region.
10. What is RITES known for in the industry?
RITES is known for its expertise in engineering and consultancy, specializing in transport infrastructure and handling major projects globally.
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