Rail Vikas Nigam Limited (RVNL), a central public sector enterprise under the Ministry of Railways, has been granted Navratna Status, the Ministry of Railways said on Wednesday.
RVNL was incorporated in 2003 with the objective of implementing rail infrastructure projects on a fast track basis and raising extra budgetary resources for SPV projects. The company began operations in 2005 after the appointment of its board of directors. It was granted Mini-Ratna status in 2013.
With the grant of Navratna status, RVNL will enjoy enhanced delegation of powers, more operational freedom and financial autonomy, which will give a huge impetus to the company’s progress, particularly as it expands its footprint beyond the railways sector and into international projects.
RVNL has been assigned the functions of undertaking project development and execution of works covering the full project lifecycle, creating project-specific SPVs for individual works if required, and handing over completed railway projects to the concerned zonal railway for operation and maintenance.
RVNL has an authorized share capital of Rs. 3000 crore and a paid-up share capital of Rs. 2085 crore. The company has implemented several projects in the rail sector, including doubling and electrification of existing lines, construction of new lines, and gauge conversion projects.
