NRZ Sources Rolling Stock From India
According to various media reports Zimbabwean Railway and government officials recently travelled to India to finalise a deal for new rolling stock from state-owned rail and infrastructure company Rites Limited.
The delegation visited the Rites manufacturing plant and held talks with Indian government officials to firm up bilateral relations between the two countries, Zimbabwe Daily noted.
Under the terms of the deal, nine locomotives, 350 freight wagons and an unspecified number of DMUs will be supplied to the National Railways of Zimbabwe (NRZ).
The deal comes after Zimbabwean president Emmerson Mnangagwa and Mozambican president Filipe Nyusi were present at the commissioning earlier this year of four diesel-electric locomotives and 150 wagons that Mozambique had sourced from India.
In March this year, RITES and NRZ signed an MoU for technical, transport and related infrastructure projects (from concept to commissioning).
The MoU aims to enable technical support in the fields of rail transportation, and railway infrastructure development, including export/leasing of rolling stock, modernisation of workshops, track works, upgrade of signalling and telecommunication systems, operations and the maintenance of rolling stock, as well as, training of railway personnel.
The partnership intends to explore opportunities in metro rail systems and consultancy for buildings and airports. As part of the MoU, RITES will provide technical expertise in design, engineering, and training while NRZ will be responsible for generating business leads in Zimbabwe.
On 28 July 2022: RITES Ltd. Announced its standalone and consolidated financial results for the Quarter ended on 30th June 2022. Q1FY23 EBITDA and profit after tax stood at Rs 179 crore and Rs 145 crore against Rs 97 crore and Rs 78 crore, up by 84.5% YoY and 85.8% YoY, respectively. “Our performance in Q1 shows that RITES continues to be on the path of a V-shaped recovery in sync with the rebound of the economy," said Rahul Mithal, chairman and managing director of the state-owned firm.
