RITES to get Rs 117.75 crore for Iraq project
Government has approved a payment of Rs 117.75 crore to RITES Ltd for a project in Iraq, for which the money was held up due to UN-imposed restrictions on the war-ravaged country.
By PTI |
NEW DELHI: Government has approved a payment of Rs 117.75 crore to RITES Ltd for a project in Iraq, for which the money was held up due to UN-imposed restrictions on the war-ravaged country.
The payment would be made through additional budget allocation provided by the Finance Ministry to Railways Ministry for outstanding payments against the project executed by RITES, a public sector unit under the Railway Ministry, in Iraq on deferred payment basis.
RITES had executed an operation and maintenance project in Iraq during 1988 to 1990. Payments under the project were held up due to imposition of UN sanctions on Iraq, which resulted in restriction in remittance of funds outside Iraq.
The payment includes interest with effect from October 2001.
RITES is also proposing to make an initial public offer of its equity shares and has filed a draft red herring prospectus with SEBI.
The payment would be made through additional budget allocation provided by the Finance Ministry to Railways Ministry for outstanding payments against the project executed by RITES, a public sector unit under the Railway Ministry, in Iraq on deferred payment basis.
RITES had executed an operation and maintenance project in Iraq during 1988 to 1990. Payments under the project were held up due to imposition of UN sanctions on Iraq, which resulted in restriction in remittance of funds outside Iraq.
The payment includes interest with effect from October 2001.
RITES is also proposing to make an initial public offer of its equity shares and has filed a draft red herring prospectus with SEBI.
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