Rail Vikas Nigam Limited (RVNL), a Central Public Sector enterprise of the Ministry of Railways, has been granted Navratna Status.
Rail Vikas Nigam Limited was incorporated as PSU on 24th January 2003, with the twin objectives of the implementation of projects relating to the creation and augmentation of capacities of rail infrastructure on a fast-track basis and the 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 authorized share capital of the company is Rs. 3000 Crore, with paid-up share capital of Rs. 2085 crore.
Rail Vikas Nigam Limited has been assigned the following functions:
- Undertaking project development and execution of works covering the 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.
The grant of “Navratna” status to RVNL leads to an 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.
Disclaimer: This is an official press release by pib.