The Finance Ministry has approved the upgrade of Rail Vikas Nigam Limited (RVNL) to Navratna Central Public Sector Enterprise (CPSE). RVNL, which is currently categorised as a Miniratna CPSE under the Ministry of Railways, is engaged in railway infrastructure projects.
The discussions for the upgrade were initiated after RVNL won multiple orders from the National Highway Authority of India (NHAI) and the Railways. RVNL’s director of operations has projected that the company’s order book will reach between Rs 75,000 crore and Rs 1 lakh crore in FY24, with 20% of the orders being obtained through bidding. With this upgrade, RVNL will become the 13th Navratna CPSE in India.
Rail Vikas Nigam Limited is an Indian public sector undertaking which works as the construction arm of the Ministry of Railways for project implementation and transportation infrastructure development. It was incorporated in 2003 to meet the country’s surging infrastructural requirements and to implement projects on a fast-track basis. It is a ‘Navratna’ CPSE and Public Sector Undertaking (PSU) under the administrative control of the Indian Ministry of Railways. It is headquartered at New Delhi, India.