Rail Vikas Nigam Limited (RVNL) granted Navratna Status
By PIB Delhi
Rail Vikas Nigam Limited (RVNL), a Central Public Sector Enterprises of Ministry of Railways, has been granted Navratna Status.
RVNL was incorporated as PSU on 24th January, 2003, with the twin objectives of implementation of projects relating to creation and augmentation of capacities of rail infrastructure on fast track basis and raising of extra budgetary resources for SPV projects. The company began its operation in 2005 with the appointment of 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.
RVNL has been assigned the following functions:
- Undertaking project development and execution of works covering 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 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.