To bridge the infrastructure deficit on Indian Railways, the then Prime Minister, Bharat Ratna Shri Atal Bihari Vajpayee announced National Rail Vikas Yojana (NRVY) on August 15, 2002 in his address from the Red Fort. NRVY was formally launched by Hon’ble PM on December 26, 2002. To implement NRVY, Rail Vikas Nigam Ltd (RVNL) was incorporated as an 100% owned PSU of Ministry of Railways (MoR) on January 01, 2003 with the twin objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis. RVNL became fully functional by March 2005.

RVNL functions as an extended arm of the Ministry of Railways working for & on behalf of MoR. It is empowered to act as an Umbrella SPV to undertake project development, resource mobilization etc. directly or by creating project specific SPVs or by any other financing structure found suitable. RVNL’s mandate includes mobilization of extra budgetary resources through a mix of equity, and debt from banks, financial institutions, multilateral agencies like Asian Development Bank and bilateral agencies for project execution through PPP by formation of project specific SPVs for Port and Hinterland connectivity. RVNL can enter into and carry on business relating to creation and augmentation of capacity of rail infrastructure on fast track.

In August 2004, it was decided that the issue of raising funds from the market to meet capital expenditure required for execution of projects by RVNL will be entrusted to IRFC. Accordingly, the focus of raising EBR for projects by RVNL has been on creation of project specific SPVs which are mentioned below.

• RVNL has been granted Mini Ratna-I status on September 19, 2013.
• The paid up Equity Capital of the company is Rs 2085 crore.

Business area of the company

Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. It generally works on a turnkey basis and undertake the full cycle of project development from conceptualization to commissioning including stages of design, preparation of estimates, calling and award of contracts, project and contract management, etc. and all stages of project execution upto the stage of commissioning of the new railway lines.

Awards and Recognition

• 2012: ICI - UltraTech Endownment Award for Outstanding Concrete Structure of Kerala (Infrastructure) for ‘Rail Bridge to International Transshipment Terminal at Vallarpadam - Cochin’.
• 2013: Awarded Miniratna Category - I status.
• 2014: ICC-DPE PSE Excellence Award for CSR & Sustainability.
• 2014: ICC-DPE PSE Excellence Award for Corporate Governance.
• 2015: Governance Now PSU Award for overall financial performance in Miniratna Category.
• 2016: Governance Now PSU Award for best overall performance in Miniratna Category.
• 2017: Dun & Bradstreet PSU Award for best performance in the Contract & Construction Services.
• 2018: Dun & Bradstreet PSU Award for best Miniratna in Services Category.
• 2018: Dun & Bradstreet PSU Award for ‘Construction - Infrastructure Development (Railways).
• 2018: Dun & Bradstreet Infra Award for ‘Construction of Venkatachalam Junction New Railway Line.

Major Events & Milestones

• 2003: Incorporated as a public company.
• 2003: Categorised as Schedule A company.
• 2013: Granted Miniratna category-I status.
• 2015: The company’s turnover crossed Rs 30,000 million.
• 2017: The company’s turnover crossed Rs 50,000 million.
• 2018: The company’s turnover crossed Rs 75,000 million.
• 2019-20: The Government of India (i.e. Ministry of Railways) announced the divestment of its stake of 12.16% amounting to 25,34,57,280 equity shares of the paid-up equity share capital of the Company through Initial Public Offer (IPO).