Refex Industries Limited (RIL) announced that it has successfully procured a significant contract for Material handling and transit operations involving bulk commodity material. The contract has a tenure of 3 Years and is valued at a broad consideration of INR 49.22 Crore. The awarding entity is an Indian A Mini Ratna Company, confirming the domestic nature of this substantial new business pipeline for RIL.
New Contract Secured by Refex Industries
Refex Industries Limited (RIL) has secured a major new engagement for providing comprehensive services related to its core logistical expertise. The company has bagged an order for Material handling and transit operations specifically focused on bulk commodity material. This agreement represents a significant addition to RIL’s ongoing revenue streams, extending over a substantial period.
Key Contract Terms
The primary details of the awarded contract, which are being disclosed as per regulatory requirements, are as follows:
- Awarding Entity: The contract has been awarded by an A Mini Ratna Company, indicating a prominent state-affiliated client.
- Scope of Work: The services encompass Material handling and transit operations for bulk commodity material.
- Contract Duration: The agreement is established for a fixed time period of 3 years.
- Value: The broad consideration or size of the contract is stated as INR 49.22 Crore.
- Jurisdiction: The operation is confirmed to be entirely within a Domestic entity and for Domestic execution.
Compliance and Related Party Status
Refex confirmed that the contract falls outside the scope of related party transactions, as neither the promoter group nor group companies hold any interest in the awarding entity. Furthermore, the transaction is confirmed not to fall within the definition of related party transactions, ensuring the deal is conducted on an “arm’s length” basis.
The management of Refex Industries Limited is committed to executing this 3-year mandate successfully and anticipates this new order will contribute positively to the company’s operational performance moving forward.
Source: BSE
