On Thursday evening, RVNL, the Navratna company announced the incorporation of an overseas subsidiary.
What Happened: The rail infra major on Thursday informed the exchanges about the incorporation of "RVNL Middle East Contracting L.L.C" in Dubai.
Earlier in the day, the company had announced receiving a letter of acceptance from North Central Railway. The company was declared the lowest bidder for this order in May. The ₹72.73 crore order is expected to be completed within 455 days.
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At the G20 Summit last year, major global players including the United States, India, Saudi Arabia, the European Union, and the United Arab Emirates, among others, unveiled an ambitious plan to establish the India-Middle East-European corridor. The ambitious project plans to establish extensive connections encompassing data, railway networks, ports, energy infrastructure, and hydrogen pipelines across three regions.
The announcement had seen shares of several railway stocks, including RVNL rocketing.
Price Action: RVNL’s share price was up 1.19% to close at ₹413.95 on Thursday.
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