Rail Vikas Nigam Limited (RVNL), a public sector enterprise, announced that it has emerged as the lowest bidder for a contract worth Rs 2.03 billion from the South Eastern Railway. The project involves the design, supply, erection, testing, and commissioning of certain power systems on the Kharagpur-Bhadrak section of the Kharagpur division. The contract specifies the establishment of a 132 KV Traction Substation, Sectioning Posts (SPs), and Sub-sectioning Posts (SSPs) in a 2x25KV System along the Kharagpur-Bhadrak section. The project is expected to be completed within 18 months; the company informed stock exchanges in a filing. In a separate development, RVNL signed a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) this month. The agreement outlines collaboration and joint efforts as a Project Service Provider for design, construction, and consultancy projects both in India and abroad. Last month, RVNL secured a Rs 1.91 billion contract from the South Eastern Railway and received a Letter of Acceptance from Eastern Railway for constructing a bypass line in Sitarampur, under the Asansol Division, valued at Rs 3.91 billion.
Under the Ministry of Railways, RVNL was granted 'Navratna' status last year, allowing the company to invest up to Rs 10 billion without needing approval from the central government. Incorporated as a PSU on January 24, 2003, RVNL's primary objective is to implement projects for the creation and augmentation of rail infrastructure capacities. The company was granted Mini-Ratna status in September 2013.
In 2024, RVNL's shares have risen by approximately 200%, and over the past 12 months, they have surged around 350%.
(Source: ET)
