RITES join hands with Power Finance for advisory services
RITES and Power Finance Corporation (PFC) have tied up to give advisory services to Indian companies interested in acquiring mining rights in other countries and import coal. RITES, a multi-disciplinary public enterprise under the Railway Ministry, have inked MoU with PFC to work out cost-effective transportation system for movement of the fuel within the country and imports. As per the pact, both the firms will work together to facilitate import of coal from African countries and elsewhere, to address the problem of power deficit and to fill the demand and supply gap in availability of coal for the thermal generation plants in the country. Currently, RITES is employed in the rehabilitation, operation and maintenance of the railway network for 25 years in Tanzania and Mozambique. In the special purpose vehicle (SPV) in Tanzania, RITES has 51 per cent stake and while in the Mozambique SPV, RITES has 26 per cent stake.