Rail Vikas Nigam Limited (RVNL), a state-owned company, secured a significant victory on Tuesday after being named the lowest bidder for construction projects in Odisha. The work order, valued at Rs 283.69 crore, is expected to be completed within 24 months, as detailed in a filing to the stock exchanges by the company.

The scope of work encompasses the execution of the 3rd and 4th lines between Jarapada and Talcher Road, along with the construction of a new line between Angul-Balram (MCRL Inner Corridor Phase-I Doubling 14 Kms). The project involves a range of tasks including earthwork, minor and major bridges, permanent way linking works, ballast supply, S&T buildings, level crossings, and various miscellaneous works within the designated areas.

RVNL, operating under the Ministry of Railways, was designated as a ‘Navratna’ company last year. As a Navratna entity, RVNL has the authority to invest up to Rs 1,000 crore without requiring approval from the central government.

Established as a Public Sector Unit (PSU) on January 24, 2003, RVNL focuses on executing projects related to enhancing and expanding rail infrastructure capacities. The company achieved Mini-Ratna status in September 2013, further solidifying its position in the railway sector.

In terms of its market performance, Rail Vikas Nigam’s shares demonstrated remarkable growth, surging approximately 190% in 2024 and about 205% over the past year. However, at the time of reporting, the shares saw a marginal decline of 1.1%, trading at Rs 525.65 per share.

Furthermore, in a recent development, the Delhi Metro Rail Corporation (DMRC) and RVNL inked a Memorandum of Understanding (MoU) to collaborate as Project Service Providers for design, construction, and consultancy projects in both domestic and international markets. This strategic alliance is expected to enhance their capabilities and foster synergies for future ventures.

RVNL’s latest achievement underscores its commitment to advancing rail infrastructure development and signifies a positive trajectory for the company in the railway construction sector.