Rail Vikas Nigam gets Navratna status

Rail Vikas Nigam Limited, a central public sector enterprise under the Ministry of Railways, has been granted Navratna Status, the Ministry of Railways said on Wednesday. RVNL was incorporated in 2003 with the objective of implementing rail infrastructure projects on a fast track basis and raising extra budgetary resources for SPV projects. With the grant of Navratna status, RVNL will enjoy enhanced delegation of powers, more operational freedom and financial autonomy, which will give a huge impetus to the company’s progress, particularly as it expands its footprint beyond the railways sector and into international projects. RVNL has been assigned the functions of undertaking project development and execution of works covering the full project lifecycle, creating project-specific SPVs for individual works if required, and handing over completed railway projects to the concerned zonal railway for operation and maintenance.