Limited Period Offer:Be a PRO for 1 month @Rs49/-Multiple payment options available. Know More
you are here: HomeNewsIndia

RITES signs pact for acquiring 24% in IRSDC; resumes operation post lockdown

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with the fourth phase set to expire on May 31.

May 22, 2020 / 05:31 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Infrastructure consultancy and engineering company RITES on Friday said it has signed an agreement for acquiring 24 percent stake in Indian Railway Stations Development Corporation (IRSDC) for Rs 48 crore.

The company has signed shareholders' agreement for acquiring 24 percent stake in IRSDC for Rs 48 crore with Rail Land Development Authority and IRCON International being the other equity partners, the company said in a statement.

Coronavirus India News LIVE Updates

The company further said that it has resumed operations at most of its offices and project sites after the coronavirus-induced lockdown restrictions were eased.

The Miniratna public sector enterprise said that during this lockdown period, apart from concluding negotiations for a major export deal with CFM Mozambique enhanced to Rs 700 crore on account of increase in quantity, it has been able to successfully deliver the 188 RKM Vijaypur-Pachore Road-Maksi section railway electrification project in Madhya Pradesh.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with the fourth phase set to expire on May 31.

"During the lockdown RITES continued to focus on key business deals like exports to Africa, signing of IRSDC shareholders' agreement etc and now we have hit the ground running as we resume most of our operations within the guidelines issued by the government," RITES Ltd Chairman & Managing Director Rajeev Mehrotra said.

The company has resumed business activities adhering to necessary safety protocols and has implemented a Standard Operating Procedure (SOP) to guide its employees about precautions and safety measures at work, he said.

It added besides its corporate office in Gurugram, project offices at Ahmedabad, Bhubaneswar, Secunderabad and inspection offices at Bhilai, Delhi and Chennai have also started operations.

Key project activities have been resumed at various sites like rail line doubling project at Gooty-Dharmavaram, railway electrification work in Rajasthan, Project Monitoring Services at several rail connectivity works of power plants and coal mines, workshops modernization at Bikaner in Rajasthan, Kurdawadi in Maharashtra, Lumding in Assam, Sarla in Odisha, Quality Assurance work at various locations etc.

With these operations, RITES is estimated to have achieved more than half of its capacity and will scale up its activities with easing of more restrictions, it said.

Follow our full coverage of the coronavirus pandemic here.
PTI
first published: May 22, 2020 05:10 pm

stay updated

Get Daily News on your Browser
Sections