Rail Vikas Nigam rose 1.46% to Rs 73.05 after the company announced that it had received a Rs 166 crore order from Gujarat Metro Rail Corporation (GMRC) for the supply and commissioning of ballastless track for the Surat Metro Rail project’s Phase-1.
Rail Vikas Nigam (RVNL) – ISC Projects JV has received a letter of acceptance (LoA) for the design, supply, installation, testing, and commissioning of ballastless track from Sarthana to Dream City in elevated and underground sections, including connecting lines to depot, for Corridor-1, Surat Metro Rail project, Phase-1, according to an exchange filing. The civil construction company said the project costs is approximately Rs 166 crore and it is to be completed within 22 months.
RVNL is a Category-I MiniRatna CPSE under the Ministry of Railways, Government of India. RVNL’s mandate includes mobilization of extra budgetary resources through a mix of equity, and debt from banks, financial institutions, multilateral agencies like Asian Development Bank and bilateral agencies for project execution through PPP by formation of project specific SPVs for Port and Hinterland connectivity. RVNL can enter into and carry on business relating to creation and augmentation of capacity of rail infrastructure on fast track. As on 30 September 2022, the Government of India holds 78.20% stake in the company.