RITES Limited has informed the Exchange about Intimation of closure of MMG-Metro Management Group Limited
RITES · price
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RITES Limited has informed exchanges about the liquidation of MMG-Metro Management Group Limited, a joint venture company. The JV was originally formed between RITES, DMRC (Delhi Metro Rail Corporation), and Israeli firm M/s. Poran Shrem Engineering and Appraisal Limited. This is a follow-up intimation, with the first disclosure made on December 27, 2024. The liquidation marks the formal closure and winding up of this joint venture entity. The company has made this disclosure under SEBI Listing Regulations, specifically Regulation 30 read with Schedule III.
The liquidation of this joint venture entity is a routine corporate action and does not appear to have any immediate material impact on RITES's core operations. However, it indicates the winding down of one of the company's metro-related business partnerships.