Shares of Rail Vikas Nigam Ltd rose over 4% on November 6 as the company-led consortium emerged as lowest bidder for a Bharat Sanchar Nigam Limited (BSNL) project worth Rs 5,000 crore.
"Rail Vikas Nigam Limited - HFCL Limited – Aerial Telecom Solutions Pvt. Ltd. Consortium emerges as the Lowest Bidder (L1) from Bharat Sanchar Nigam Limited (BSNL) for “Development (Creation, Upgradation and Operation & Maintenance) of Middle mile network of Bharat Net on Design Build Operate and Maintain (DBOM) Model," said RVNL in a stock exchange filing.
On November 6, RVNL's shares closed trading 4.1% higher at Rs 469.75 apiece. The market capitalisation of the stock is Rs 97,847 crore.
The contract will span over a period of three years for construction and 10 years for maintenance. The total value of the contract stands at approximately Rs 5,008.20 crore.
The share of RVNL, HFCL and Aerial Telecom in the consortium is yet to be decided.
RVNL, incorporated in 2003, is a Government of India entity that develops rail infrastructure. RVNL implements projects assigned by the Ministry of Railways, including doubling, gauge conversion, new lines, electrification, bridges, workshops, and production units.
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