The memorandum of understanding (MoU) signed between RVNL and ICF is for manufacture and acquisition of 296 numbers of communication based train control system compliant metro coaches for Kolkata Metro Railway project, which is currently under execution by RVNL.

Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. As of 31 December 2021, the Government held 78.2% stake in the company.

The company's consolidated net profit rose 4.3% to Rs 293.01 crore on a 35.3% jump in net sales to Rs 5,049.24 crore in Q3 FY22 over Q3 FY21.

The scrip rose 0.88% to currently trade at Rs 34.40 on the BSE.