The strategic partnership will leverage RITES' extensive expertise in assuring quality, along with NISE's leadership in solar energy research and technology development, to deliver innovative solutions in the renewable energy sector. It aims at exploring and executing QA projects in solar photovoltaic (PV), solar thermal applications, green hydrogen, and other renewable energy domains.

Under this MoU, RITES will provide QA services, while NISE will contribute through research, training, and technological support. Both organizations will work closely to enhance strengthen renewable energy infrastructure and promote skill development initiatives.

RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2024, the Government of India held 72.20% stake in the company.

The company's consolidated net profit declined 27.84% to Rs 72.98 crore in Q2 FY25 as against Rs 101.15 crore recorded in Q2 FY24. Revenue from operations fell 7.12% to Rs 540.86 crore in the quarter ended 30 September 2024 from Rs 582.36 crore posted in Q2 FY24.

Shares of Rites rose 0.16% to Rs 275.15 on the BSE.

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