RICHA INDUSTRIES LTD
Today company has made following announcement to the BSE:
Richa Industries Ltd has received approval from the Research, Designs and Standards Organization (RDSO) of the ministry of Railways for fabrication and supply of steel bridge girders of the Indian Railways.
The registration in the approved list of RDSO will be valid for two years from now.
The RDSO approval has given room to Richa Industries to enter into new segment. With the help of this approval, Richa is now eligible to participate in tenders of Indian Railways which is an initial step to venture into new segment.
Commenting on this, Dr Sandeep Gupta, Joint MD, Richa Industries Ltd said, "Getting RDSO approval is indeed a great achievement for us. This approval is an endorsement for Richa's commitment to quality and indicates our potential and world-class capabilities. Besides, The Railways have an aggressive plan for major development in the sector and lot of projects are coming up. Working in partnership, Richa's expertise will support in the development in a major way".
Under the Min. of Railways of India, RDSO functions as a technical adviser and consultant in respect of design and standardization of railway equipment and problems related to railway construction, operation and maintenance.
Being a premier organization in the PEB sector, Richa has also recently received the internationally recognized OHSAS 18001:2007 certification by Indian Register Quality System (IRQS)
What this announcement means is that beside the PEB sector boom on back of warehousing and Make in India demand, Richa Industries will also participate in the modernization and development of the Indian Railways.
On a lighter note, Richa Industries has now become a proxy-play to the Narendra Modi led government and it's great plans of development. So if we trust Narendra Modi to do well, Richa Industries automatically becomes a strong-buy.
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