Rail Vikas Nigam Ltd. has emerged as the lowest bidder (L1) for a project from North Eastern Railway worth ₹129.46 crore, the company announced on Wednesday, May 20.In an exchange filing, RVNL said the order involves the design, supply, erection, testing and commissioning of traction substations along with associated switching posts for a 2×25 KV AT traction feeding system in the Varanasi–Prayagraj section of the Varanasi division of North Eastern Railway.
The project has been awarded under the Engineering, Procurement and Construction (EPC) mode and is aimed at capacity upgradation of electric traction power supply installations.
RVNL said the project is to be executed within 730 days.Also read: Nomura highlights the one stock to play the EMS theme, projects 30% upside
It clarified that the contract has been awarded by a domestic entity and that neither the promoter nor promoter group companies have any interest in the awarding entity.
Shares of RVNL were trading off the day’s lows at ₹269.90 as of 2.57 pm, still down 0.61%. The stock has declined about 25% year-to-date and 35% over the last 12 months.
