New Delhi [India], October 1 : State-owned company Rail Vikas Nigam Limited (RVNL) on Tuesday announced that it emerged as the lowest bidder from East Coast Railway for construction works in Odisha.
The order costing Rs 283.69 crore is to be completed in 24 months' time, the company informed stocks exchanges in a filing.
The work orders include 3rd and 4th line between Jarapada and Talcher Road and Construction of New line between Angul-Balram (MCRL Inner Corridor Phase-I Doubling 14 Kms).: Execution of balance earthwork in formation, minor bridges, major bridges, P.way linking works, supply of ballast, S&T Buildings, Level Crossing and other Misc. works between Jarapada and Talcher Road excluding station yards in connection with 3rd and 4th line of Jarapada-Budhapank Project and between Angul and Balram including yards of MCRL Inner Corridor Phase-I Doubling.
RVNL, under the Ministry of Railways, was granted 'Navratna' status last year. The Navratna companies have the autonomy to invest up to Rs 1,000 crore without seeking approval from the central government.
Rail Vikas Nigam Limited was incorporated as a PSU on January 24, 2003, with the objective of implementing projects relating to the creation and augmentation of capacities of rail infrastructure.
The company was granted Mini-Ratna status in September 2013.
Rail Vikas Nigam's shares have risen around 190 per cent in 2024. Over the past 12 months, they rose around 205 per cent.
Today, at the time of filing this report, they were trading 1.1 per cent lower at Rs 525.65 per share.
Separately, the Delhi Metro Rail Corporation (DMRC) and Rail Vikas Nigam Limited (RVNL) signed a Memorandum of Understanding (MoU) recently to collaborate and jointly work as a Project Service Provider for Design, Construction and Consultancy Projects in India and abroad.
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