Business News | Rail Vikas Nigam Receives Rs 391 Crore Contract from Eastern Railway
Get latest articles and stories on Business at LatestLY. State-owned company Rail Vikas Nigam has received a Letter of Acceptance from Eastern Railway for the construction of the by-pass line in Sitarampur under its Asansol Division.
New Delhi [India], June 5 (ANI): State-owned company Rail Vikas Nigam has received a Letter of Acceptance from Eastern Railway for the construction of the by-pass line in Sitarampur under its Asansol Division.
The company informed stock exchanges on Wednesday that the timeline for the completion of this contract is 24 months.
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The project cost is pegged at about Rs 391 crore.
Separately, Rail Vikas Nigam informed stock exchanges that it emerged lowest bidder (L1) from Dakshin Haryana Bijli Vitran Nigam Limited for the implementation of some works in the Gurugram Revamped Distribution Sector Scheme (RDSS) in Dakshin Haryana Bijli Vitran Nigam.
The poject cost is Rs 124 crore.
On Monday, the state-owned company received a Letter of Acceptance from South Central Railway for an engineering, procurement and construction (EPC) tender for the proposed doubling of railway track in a portion of the Nanded Division of South Central Railway, costing Rs 440 crore, to be completed in 30 months.
The central public sector enterprise Rail Vikas Nigam Limited (RVNL) under the Ministry of Railways was granted a '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 almost doubled so far in 2024 and have risen 200 per cent in the past year.
On Wednesday, the shares closed 0.7 per cent higher at Rs 353.90. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)