MALDIVES (Metro Rail News): Rail Vikas Nigam Limited (RVNL) saw a rise of 5.39% to Rs 51.80 following the announcement that it has been chosen as the winning bidder in the Maldives for developing the UTF (Uthuru Thila Falhu- Island) Harbour Project.
The Development of UTF (Uthuru Thila Falhu-Island) Harbour was awarded to RVNL as the winning bidder in the Maldives. The Indian government is working on a strategic project.
The estimated cost of the project is roughly Rs. 1544.6 crores. The agreement must be executed within two years.
RVNL released their Q2 results on November 10, 2022. On a consolidated basis, the company’s net profit increased by 36.52% to Rs 381.22 crore in Q2 September 2022 over Q2 September 2021, while net sales increased by 21.94% to Rs 4908.90 crore. In Q2 of FY23, profit before tax increased by 46% YoY to Rs 480.98 crore.
RVNL is a Category-I MiniRatna CPSE under the Indian Government’s Ministry of Railways. To execute projects through PPP by creating project-specific SPVs for Port and Hinterland connectivity, RVNL’s mandate includes mobilising additional budgetary resources through a combination of equity and debt from banks, financial institutions, multilateral agencies like the Asian Development Bank, and bilateral agencies.
