Rail Vikas Nigam Limited (RVNL) is an Indian central public sector enterprise (PSU) which works as the construction arm of the Ministry of Railways for project implementation and transportation infrastructure development. It was incorporated in 2003 to meet the country's surging infrastructural requirements and to implement projects on a fast-track basis as well as for creating a Railway equipment construction company. RVNL is a Navratna PSU in India under the administrative control of the Ministry of Railways, Government of India. The organization undertakes project execution from concept to commissioning and creates project-specific SPVs. RVNL’s mandate includes the mobilization of extra-budgetary resources (EBRs) through a mix of equity and debts via these SPVs.

History

Rail Vikas Nigam Limited (RVNL) was established to implement the National Rail Vikas Yojana (NRVY), a project to develop railway infrastructure in India. The NRVY was announced by Prime Minister Atal Bihari Vajpayee from the ramparts of the Red Fort during the Independence Day speech on 15 August 2002. The NRVY was formally launched by Vajpayee on 26 December 2002, and RVNL was incorporated under the Companies Act, 1956 on 24 January 2003. RVNL's two main objectives are to augment the capacity of rail infrastructure and raise extra budgetary resources for special purpose vehicle projects. RVNL opened its initial public offering (IPO) on 29 March 2019. It was the third railways-related PSU to initiate an IPO, after RITES and IRCON. The company offered a 12% stake at a price range of ₹17-₹19 per share. The IPO was subscribed 1.78 times by close on 3 April earning inr 4810000000. RVNL was listed on the Bombay Stock Exchange and the National Stock Exchange on 19 April 2019.

List of Manufacturing Units

Subsidiaries

High Speed Rail Corporation of India Limited

The High Speed Rail Corporation of India Limited (HSRC) is an SPV which was incorporated in 2012 as a subsidiary of RVNL to implement high-speed rail projects in India.

Kinet Railway Solutions Ltd

RVNL has incorporated a private company Kinet Railway Solutions Ltd which will act as the SPV that will sign the manufacturing-cum-maintenance agreement with the Ministry of Railways.

Kyrgyzindustry-RVNL

RVNL established a 50:50 joint venture company, named Kyrgyzindustry-RVNL, with Kyrgyz company Kyrgyzindustry. The company will develop rail, road, and other infrastructure in Kyrgyzstan. RVNL informed the Securities and Exchange Board of India (SEBI) of the establishment of the joint venture on 10 December 2022.

Special Purpose Vehicles

Kutch Railway Company Ltd

RVNL owns 50% equity in this project. The project length is 301 km and is for gauge conversion of Palanpur-Gandhidham section. Currently RVNL is doubling Samakhiali-Palanpur (248 km) anticipating increased traffic flow from Mundra and Deendayal Ports.

Bharuch Dahej Railway Co Ltd

RVNL is the largest stakeholder in this SPV with 35.46% equity. The project length is 63 km and is for gauge conversion.

Krishnapatnam Railway Co Ltd

RVNL is the largest stakeholder in this SPV with 49.76% equity. The project length is 113.2 km and is for construction of new line from Obulaparivalli to Krishnapatnam port. Complete connectivity was provided in June 2019.

Haridaspur Paradip Railway Co Ltd

RVNL is the largest equity shareholder with 30%. This SPV is for a new 82 km line from Haridaspur to Paradip Port. This commercial route became operational on 30.07.2020

Angul Sukinda Railway Ltd

RVNL is the largest stakeholder in this SPV with 32.16% equity. This is for a new 102.42 km railway line from Angul-Sukinda. 80% of the project has already been completed and the commercial operation will begin shortly.

New SPVs under formation

Indian Port Rail Corporation Limited (IRPCL)

RVNL is participating in the formation of IRPCL. This is a SPV under the Ministry of Shipping, with the stakeholders being RVNL and 12 major ports. The initial authorised capital of the SPV is Rs 500 crore with RVNL's equity participation being Rs 10 crore only or 10% of the initial subscribed share capital. The mandate of the SPV is to enhance rail connectivity to the various Ports in the country. This includes maintenance of Port Railways along with up-gradation, modernisation and capacity augmentation as and when required.

Rail connectivity to Rewas Port in Maharashtara

RVNL began as an organisation for executing various projects of railway engineering, to meet the shortfall of rail infrastructure that the existing system of that time could not fulfil. It was important to think out of the box and find a solution as eventually the price would be heavy with respect to the curtailment of opportunities and options available to a developing nation. From beginning with railway capacity augmentation through track doubling, new railway lines, gauge conversion, railway electrification, RVNL has moved onto working on metro railways, multimodal transport system, port connectivity, turnkey projects i.e. workshops, training institutes, green buildings, high speed rail projects, cable stayed bridges, river and road bridges, vertical lift bridge, mountain Railways and tunnels.

Corporate Social Responsibility

Corporate Social Responsibility is a part of the ethos of Rail Vikas Nigam Limited. Aligning its goals to CSR objectives’, RVNL has implemented projects in the thematic areas of Health and Education. The geographic focus of RVNL CSR has been West Bengal, Chhattisgarh, Jharkhand, Uttar Pradesh, Madhya Pradesh, Uttarakhand and Odisha. About 60 per cent of CSR funds are spent in the education & health care sector for the underprivileged, marginalized communities and tribal belts.

Department of Public Enterprises Ratings

Rail Vikas Nigam Limited has been rated as "Excellent" by the Department of Public Enterprises (DPE) for 11 consecutive years. The Company has ranked 1st amongst the Railway PSEs and 3rd amongst PSUs in the country in the latest DPE ratings 2020-2021 with a MoU Score of 99.

Recent Accolades

Rail Vikas Nigam Limited team bagged two awards for excellence by Skoch group viz. Gold award for Public-Private Partnership and Silver award for response to Covid in 2022. Rail Vikas Nigam Limited was conferred the Roll of Honour as the fastest-growing Mini-Ratna of the year by Dalal Street Investment Journal.

Completed projects

The list of 18 projects completed in 2021-22 is as under: The list of 102 projects fully completed since inception and up to March 2021 is as under:

Projects Under Implementation

There are 72 projects under various stages of implementation by RVNL. The details of 66 projects assigned to RVNL till March 2021 and which are under implementation are as under: The list of Railway project assigned to RVNL in 2021-22 and under execution is as under: The list of projects awarded to RVNL through Competitive Bidding in 2021-22 and under execution is as under: