Mumbai, Nov. 3 -- The estimated value of the bid is approximately Rs 400 crore ($ 41.45 million). The proposed contract is to be executed within 12 months from the opening of the letter of credit (LC).

However, further progress in the matter is subject to the scrutiny and evaluation process by Sri Lanka Railways in accordance with the requirements specified in the tender documents.

RITES is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the export arm of Indian Railways for supplying rolling stock to overseas markets, except Thailand, Malaysia and Indonesia.

The company reported a 7.58% year-on-year (YoY) in...