Rail Vikas Nigam Limited gets ‘Navratna’ status by the Department of Public Enterprises

Rail Vikas Nigam Limited (RVNL), a Central Public Sector Enterprise of Ministry of Railways, has been granted Navratna Status.

More Details:

  • The Department of Public Enterprises (DPE) declared ‘Navratna’ status to RVNL on 26th April, 2023. With this announcement, RVNL becomes the 13th Navratna amongst the CPSEs.
  • RVNL has been doing consistently well in terms of physical and financial performance and has a proven track record in infrastructural development for the last 20 years. In FY 2022-23, RVNL successfully commissioned 1044 km of New Line (NL) and Doubling (DL) thus crossing the 1000 km benchmark for the 2nd year in a row.
  • 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 with the appointment of a Board of Directors. The company was granted Mini-Ratna status in September 2013. The authorised share capital of the company is Rs. 3000 Crore, with paid up share capital of Rs. 2085 crore.
  • 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.

RVNL has been assigned the following functions:

  • Undertaking project development and execution of works covering full project life cycle.
  • Creating Project specific SPVs for individual works, if required.
  • On completion of a Railway project by RVNL, the concerned Zonal Railway will undertake its operation and maintenance.

Mr. Pradeep Gaur, CMD, RVNL, on receiving ‘Navratna’ status said: “RVNL stood firm on its principles and ethics and delivered unmatched results over the years. We are happy that our efforts are being recognised and reaffirm our commitment towards our stakeholders. We are looking forward to tapping on the best possible opportunities in the near future too and growing substantially.”

Source: RVNL- Press Release | Image Credit (representational): RVNL