RITES Ltd announces dissolution of MMG Ltd, a JV with DMRC and Israeli firm
The said company was formed for the sole purpose of participating in the tender process for the Management of the Tel Aviv Metropolitan Metro Lines in Israel.
RITES Ltd announces dissolution of MMG Ltd, a JV with DMRC and Israeli firm
MMG—Metro Management Group Ltd., incorporated in Israel on February 07, 2023, is a JV between RITES Ltd, DMRC, and an Israeli firm that will be undergoing voluntary dissolution, as announced by CPSE, RITES Ltd.
MMG - Metro Management Group Limited was formed by RITES in a Joint Venture with DMRC and Israeli firm M/s. Poran Shrem Engineering and Appraisal Limited) and an intimation in this regard was given to the stock exchange on February 08, 2023, as per the exchange filing made.
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The said company was formed for the sole purpose of participating in the tender process for the Management of the Tel Aviv Metropolitan Metro Lines in Israel. During the process of bid evaluation, the consortium could not meet the required eligibility criteria and hence the company is no longer required and shall be wound up. Hence the process of voluntary dissolution has been initiated, it added.
The share of RITES in MMG- Metro Management Group Limited is 24.5% and the total equity contributed by RITES is USD 73113.99 (INR 59.65 Lakhs). The Company has made provision for diminution against the amount invested in the MMG- Metro Management Group Limited.
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