RITES Limited has received board approval to form a joint venture with NICC Infrastructure Construction LLC in the United Arab Emirates. The proposed joint venture company will be established as a Limited Liability Company, with RITES Limited contributing capital alongside its joint venture partner. The joint venture will be based in the UAE and operate under the LLC framework established under UAE law.
The board of RITES Limited approved the proposal at its meeting on June 25, 2026. RITES Limited and NICC Infrastructure Construction LLC will enter into a shareholders agreement that will define the governance framework, capital commitments, and the rights and obligations of each party in the joint venture. The specific terms of the agreement and the investment details will be disclosed to the exchanges after the shareholders agreement is signed.
After the shareholders agreement is executed, RITES Limited will submit detailed disclosures to the National Stock Exchange of India and BSE Limited under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The regulatory filing on June 25, 2026 also referenced the SEBI Master Circular dated January 30, 2026. RITES Limited trades on the NSE under the symbol RITES and on the BSE under scrip code 541556.
The board approval disclosure was signed by Nikhil Agarwal, Company Secretary and Compliance Officer of RITES Limited. The formation of the joint venture company is contingent upon the execution of the shareholders agreement and compliance with UAE regulations. The joint venture will be operational after all required approvals and formalities are completed.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.