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The project includes major upgradation/redevelopment of Varkala Sivagiri railway station, Kerala. Total cost of the project is worth Rs 123.36 crore. Out of total, RVNL share amount is Rs 60.44 crore. The said project is to be completed within 30 months.
The project is to be executed in JV, of which RVNL’s share is 49%.
Meanwhile, the company has signed memorandum of understanding (MoU) with REC for mutual benefits by way of the company presenting bankable projects with assured or projected source of revenue or returns, and REC exploring scope and spread of providing finances to such projects directly with pre-stipulated conditions and returns for itself.
Rail Vikas Nigam (RVNL) undertake and execute successfully the project development, financing and implementation of projects related to rail infrastructure. Mobilize financial and human resources for project implementation.
The company reported 3.42% increase in consolidated net profit to Rs 394.26 crore in Q2 FY24 as compared with Rs 381.22 crore in Q2 FY23. Revenue from operations increased marginally to Rs 4,914.32 crore in Q2 FY24 from Rs 4,908.90 crore reported in Q2 FY23.
REC is a leading Infrastructure Finance Company in India and the principal products of REC are interest-bearing loans to State Electricity Boards, State Power utilities/State Power Departments and Private sector for all segments of Power infrastructure. The scrip jumped 2.26% to Rs 429 on the BSE.
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