RVNL Secures Major Rs 283 Crore Railway Project in Odisha

Rail Vikas Nigam Limited (RVNL) wins a significant bid from East Coast Railway for a Rs 283.69 crore construction project in Odisha. The state-owned firm will undertake major railway infrastructure work over the next 24 months. RVNL shares have surged, reflecting its strong market position.

State-owned Rail Vikas Nigam Limited (RVNL) emerged as the lowest bidder for a major construction project from the East Coast Railway in Odisha. The company announced on Tuesday that it has secured the Rs 283.69 crore order, expected to be completed within 24 months.

The project involves the construction of the 3rd and 4th railway lines between Jarapada and Talcher Road, along with a new line between Angul and Balram as part of the MCRL Inner Corridor Phase-I Doubling. This includes balance earthwork, minor and major bridges, P-way linking works, ballast supply, and other miscellaneous tasks.

In the filing to stock exchanges, RVNL highlighted its recent 'Navratna' status, granted last year, which allows the company to make investments up to Rs 1,000 crore autonomously. The company, incorporated as a PSU on January 24, 2003, aims to enhance rail infrastructure capacities. Its shares have surged 190 per cent in 2024, reflecting investor confidence.

Separately, RVNL and Delhi Metro Rail Corporation (DMRC) have signed a Memorandum of Understanding (MoU) to jointly work on design, construction, and consultancy projects both in India and internationally. At the time of reporting, RVNL shares were trading 1.1 per cent lower at Rs 525.65 per share.

(With inputs from agencies.)