Rail Vikas Nigam Secures Rs. 797 Crore Contract from NMDC

Rail Vikas Nigam Limited (RVNL) has announced the receipt of a Letter of Award from the National Mineral Development Corporation (NMDC) Limited. The award pertains to the construction of residential towers at Iron Ore Deposit-5, located in Bacheli, Chhattisgarh. This development was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The awarded contract is valued at approximately Rs. 797 Crore, inclusive of all applicable taxes. The project is scheduled to be executed over a period of 34 months. The nature of the contract is domestic, and it involves general contract conditions. The work is part of RVNL’s routine business activities.

According to the filing, there is no involvement of the promoter or promoter group in the entity awarding the contract, and the transaction does not qualify as a related party transaction. The project is entirely domestic, with no international elements involved.

NMDC Limited is a state-controlled mineral producer of the Government of India. It is involved in the exploration of a wide range of minerals including iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands. NMDC is focused on increasing its production capacity and expanding its operations in the mineral sector.

Rail Vikas Nigam Limited is a public sector enterprise under the Ministry of Railways, Government of India. It is primarily engaged in the development and implementation of railway infrastructure projects. RVNL focuses on project execution, including the construction of new railway lines, gauge conversion, and electrification. The company aims to enhance its project management capabilities and expand its portfolio in the infrastructure sector.