In an exchange filing, the PSU company said, “Rail Vikas Nigam (RVNL) - ISC Projects JV has received letter of acceptance (LoA) for design, supply, installation, testing and commissioning of ballastless track from Sarthana to dream city in elevated and underground sections including connecting lines to depot along with ballasted/ballastless/ embedded standard gauge track for Corridor-1, Surat Metro Rail project, Phase-1.”

The civil construction company said the project costs is approximately Rs 166 crore and it is to be completed within 22 months.

RVNL is a Category-I MiniRatna CPSE under the Ministry of Railways, Government of India. RVNL's mandate includes mobilization of extra budgetary resources through a mix of equity, and debt from banks, financial institutions, multilateral agencies like Asian Development Bank and bilateral agencies for project execution through PPP by formation of project specific SPVs for Port and Hinterland connectivity. RVNL can enter into and carry on business relating to creation and augmentation of capacity of rail infrastructure on fast track. As on 30 September 2022, the Government of India holds 78.20% stake in the company.

On a consolidated basis, the company's net profit rose 36.52% to Rs 381.22 crore on 21.94% increase in net sales to Rs 4,908.90 crore in Q2 FY23 over Q2 FY22.