Navratna Status allows rail-contractor to handle full project
Rail Vikas Nigam Limited (RVNL), a Central Public Sector Enterprises of Ministry of Railways, has been granted Navratna Status and is allowed to create Project specific SPVs (Special Purpose Vehicles) for individual works, if required, the Ministry of Railways said on 3 May2023.
It is also assigned to undertake project development and execution of works covering full project life cycle.
“On completion of a Railway project by RVNL, the concerned Zonal Railway will undertake its operation and maintenance,” said the Ministry.
The grant of “Navratna” status to RVNL leads to enhanced delegation of powers, more operational freedom and financial autonomy which will give huge impetus to RVNL’s progress, particularly so, when RVNL is extending its footprints in sectors beyond Railways and even in projects abroad.
The company was granted Mini-Ratna status in September 2013 with an authorized share capital of Rs.3,000 crore and a paid-up share capital of Rs.2,085 crore.
RVNL was incorporated as PSU on 24th January, 2003, with the twin objectives of implementation of projects relating to creation and augmentation of capacities of rail infrastructure on fast-track basis and raising of extra budgetary resources for SPV projects.
The company began its operation in 2005. fiinews.com