Public sector engineering and transport consultancy company RITES Ltd. on Thursday announced that it has entered into a deal with Indian Railway Finances Corporation (IRFC) for identifying mutual areas of collaboration.

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The Railway Ministry public sector undertaking (PSU) informed the bourses that it has signed a Memorandum of Understanding (MoU) with IRFC. As per the MoU, both the entities will identify mutual areas of collaboration for expanding IRFC’s role in providing financial assistance to projects and institutions that have got backward and / or forward linkages with Railways.

“RITES will be providing assistance to IRFC in ascertaining the technical and financial viability of the projects, providing advisory and consultancy services”, the stock exchange filing mentioned.

On Monday, July 24, RITES had announced emerging as the lowest bidder in two tenders for procurement of locomotives and wagons invited by CFM, Mozambique.

The estimated value of the bid stood at nearly Rs 500 crore, for the supply of 10 locomotives and 150 wagons.

Shares of RITES ended 4 percent lower at Rs 477.75. The stock has surged nearly 40 percent on a year-to-date basis.