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According to media reports, the Ministry of Railways has moved a formal proposal to merge the two companies to create a larger and more integrated railway infrastructure entity. The proposal will now undergo a standard review process, which includes approvals from the Ministry of Finance, the Department of Public Enterprises and the Cabinet Committee on Economic Affairs (CCEA).
If approved, the merger is expected to combine Rail Vikas Nigam’s project management capabilities with Ircon International’s expertise in turnkey railway construction and infrastructure development. The move is also seen as a step towards enhancing execution capacity, improving operational efficiency and strengthening the international presence of the combined entity.
Meanwhile, BSE has sought clarification from the companies regarding the news report, and a response is awaited.
The first contract pertains to the construction of a residential tower in Kirandul at a cost of Rs 284.52 crore. The project is to be executed within 16 months.
The second order involves the development of a township in Kirandul, Chhattisgarh. The project cost stands at Rs 371.69 crore and is scheduled to be completed within 21 months.
Both contracts have been awarded by NMDC, a domestic entity, under general contract conditions. The nature of the contracts includes residential and township infrastructure development.
RVNL clarified that neither the promoter nor promoter group companies have any interest in NMDC. The company further stated that the contracts do not fall under related party transactions.
Rail Vikas Nigam is engaged in executing a wide range of railway infrastructure projects, including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, cable-stayed bridges, and institutional buildings.
The company reported a 3.65% rise in consolidated net profit to Rs 322.83 crore in Q3 FY26, compared to Rs 311.44 crore recorded in Q3 FY25. Revenue from operations rose 2.56% YoY to Rs 4,684.46 crore for the quarter ended 31 December 2025.
Shares of Rail Vikas Nigam fell 1.29% to Rs 317.50 on the BSE.
The order pertains to the design, supply, erection, testing and commissioning of a 220/132/55 KV traction substation, sectioning posts (SPs) and sub-sectioning posts (SSPs) in the 2x25 KV traction system (Scott-connected transformer) for the Daund–Solapur section. The project is aimed at meeting the 3,000 MT loading target.
The contract, awarded by a domestic entity, is to be executed within a period of 24 months. The total cost of the work stands at Rs 270,22,24,735.83, inclusive of applicable taxes.
RVNL clarified that neither the promoter nor the promoter group has any interest in the awarding entity. The company also confirmed that the contract does not fall under related party transactions.
Shares of Rail Vikas Nigam rose 0.74% to end at Rs 321.65 on the BSE.
The project is to be executed within 48 months. The total contract value stands at Rs 1,201.35 crore.
RVNL will execute the project in a joint venture, with a 60% share, while GPT Infraprojects holds the remaining 40% stake. The contract has been awarded by a domestic entity and does not fall under related party transactions, the company said.
Shares of Rail Vikas Nigam rose 0.32% to close at Rs 309.75 on the BSE.
The project entails design and construction of New Rail cum Road Bridge No 11 over River Ganga, 50 mtrs downstream of the existing old Malviya Bridge near Kashi Railway Station including sub structure and superstructure of the Bridge (8x108.5m + 2x103.3m Open Web Steel Girder) for four line tracks on lower deck and six lane Road on upper deck, including Railway and Road approaches as per GAD along with associated OHE Works and General Electric works in Lucknow Division of Northern Railway at Varanasi, Uttar Pradesh.