Rail Vikas Nigam Secures Rs. 371 Crore Contract from NMDC

Rail Vikas Nigam Limited (RVNL) has announced the receipt of a Letter of Award (LOA) from the National Mineral Development Corporation (NMDC) for the development of a township in Kirandul, Chhattisgarh. The LOA was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The project involves the construction of residential and associated infrastructure in Kirandul. The total project cost is approximately Rs. 371 Crore. The project is scheduled to be completed within a timeframe of 21 months. This contract is part of RVNL’s normal business operations.

The terms and conditions of the contract are governed by general contract conditions. The contract has been awarded by a domestic entity, and the nature of the work is classified as domestic. There is no involvement of related party transactions, and the promoter group of RVNL does not have any interest in NMDC.

National Mineral Development Corporation is a government-owned mineral producer. It focuses on the exploration and production of iron ore and other minerals. NMDC plays a significant role in the mining sector and is involved in various infrastructure development projects.

Rail Vikas Nigam Limited is a government-owned company under the Ministry of Railways. It is engaged in the implementation of railway infrastructure projects. RVNL focuses on enhancing rail connectivity and developing associated infrastructure across India. The company undertakes projects related to the construction of new railway lines, gauge conversion, and electrification.