RVNL Seals Pact With Israeli Firm For Infrastructure Projects

Rail Vikas Nigam Ltd. has entered into a Memorandum of Understanding with M/s United Construction Ltd., Israel, to pursue projects across various sectors in Israel. The sectors include railways, mass rapid transit systems, tunnels, roads (highways and expressways), bridges, building works, airports, ports, irrigation, the power transmission and distribution sector, the solar sector, and the wind sector, as per an exchange filing on Friday.

In another development, Krishnapatnam Railway Co., a joint venture of RVNL (which has a shareholding of 49.76%), has received a significant arbitration award. The arbitration aimed at resolving a dispute between KRCL and the Ministry of Railways has concluded with the tribunal ruling in favour of the claimant, KRCL. The tribunal has awarded Rs 584.2 crore to KRCL in this dispute settlement, an exchange filing said.

Shares of the company closed 4.66% higher at Rs 613.45 apiece, compared with a 1.09% decline in the NSE Nifty 50.