Rail Vikas Nigam Limited (RVNL) informed the stock exchanges that it has entered into an agreement with Tata Steel Ltd for the implementation of various infrastructure projects.
RVNL is a government-owned company, which mainly deals in providing infrastructure for Indian Railways. It has a market cap of around ₹6,442 crores.
The latest agreement with Tata Steel is in connection with the implementation of infrastructure projects either on a nomination basis as a deposit work or through the special purpose vehicle (SPV) route.
The agreement is subject to the bankability of the SPV project, execution of the definitive agreement, and management approval, RVNL said in a statement.
Meanwhile, Tata Steel, a flagship company of the Tata group, is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum.
It is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world. The group recorded a consolidated turnover of $21.06 billion in the financial year 2020-2021.
On Tuesday, RVNL’s scrip was up 2.32% to close at ₹30.90 on NSE.