New Delhi: Rail Vikas Nigam Limited (RVNL), the Indian railway infrastructure arm and public sector entity, has announced the creation of a wholly-owned subsidiary in Saudi Arabia, furthering its expansion into the Middle East. The newly formed entity, "Company Rail Vikas Nigam Ltd. (One Partner)," was officially registered in Saudi Arabia on 18 October 2024, and the registration certificate was issued on 21 October 2024.
This move aligns with RVNL’s broader global expansion strategy. Earlier in 2024, the company set up subsidiaries in Dubai and Uzbekistan, in June and August respectively, as part of its efforts to increase its international presence.
In addition to its global ventures, RVNL has been securing several domestic projects. Recently, the company emerged as the lowest bidder for a metro construction project tendered by Maharashtra Metro Rail Corporation Limited, showcasing its strong performance in the infrastructure sector.
RVNL’s shares have been under close watch in recent weeks due to fluctuating market activity. As of 21 October 2024, the company's share price stood at Rs 465.65, reflecting a 2.45% drop from the previous close of Rs 489.60. Over the past month, RVNL shares have experienced a decline of approximately 4.99%, with market analysts keeping a close eye on future developments.
BI Bureau
