Rail Vikas Nigam (RVNL) has been appointed as the project implementation agency for implementing the UTF (Uthuru Thila Falhu-Island) Harbour project in Maldives.

As per the Government of India (GOI), this is a strategic project placed by the Ministry of External Affairs (MEA), and the project cost is Rs 1544.60 crore and should be completed by 2024.

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The company has to engage in various types of manufacturing business of Rail infrastructure projects assigned by MoR, which includes doubling 3rd/4th lines, new lines, gauge conversion, significant bridges, railway electrification, Production Units, workshops and sharing of freight revenue. As per the Ministry of Railway, all these charges are covered under the concession agreement.

On a consolidated basis, the net profit of RVNL  jumped 36.5% to Rs 381.22 crore, and net sales hit a high of 21.9% to Rs 4,908.90 crore on September 2022 over September 2021.

On December 27, 2022, RVNL’s shares went down by 0.16% to Rs 63.55.