RITES, KOEL sign MoU to explore business opportunities


NEW DELHI: Kirloskar Oil Engines Ltd. has signed a memorandum of understanding (MoU) with RITES Ltd to explore business opportunities for products/solutions in the areas of export of railway rolling stock, infrastructure and urban transport for the domestic and overseas markets.

Through this MoU, KOEL will leverage its R&D expertise, manufacturing acumen, state-of-the-art manufacturing facilities, supply chain network and strong channel to develop, manufacture and supply products for RITES customers, while RITES will provide expertise in design, marketing, operation & maintenance, and any other support required for tapping business opportunities.

Kirloskar Oil Engines (KOEL), a flagship company of Kirloskar Group, is among the largest manufacturers of diesel engines. With the most extensive service networks, the company has business interests in various sectors such as manufacturing, oil and gas, power, construction and mining, agriculture, industry and transport.

“The strategic partnership between KOEL and RITES leverages the strengths of both the organizations. While we at KOEL are focused on developing world class products and services, RITES has great design, technical expertise and marketing capabilities. We truly look forward to a long and fruitful association,” said Vinodkumar Menon, Vice-President, Industrial Business, KOEL.

RITES, a Miniratna (Category – I) Schedule ‘A’ public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East region. It is the export arm of Indian Railways for providing rolling stock overseas.

On Friday, shares of RITES fell 2.55% to end at 357.50 apiece on the BSE.

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