Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder for a major railway project from the East Coast Railway.

What Happened: RVNL announced on Tuesday afternoon that it has emerged as the lowest bidder for an East Coast Railway project. The project entails the construction of the third and fourth lines between Jarapada and Talcher Road and a new line between Angul-Balram.

The scope of the work includes balance earthwork in formation, minor bridges, major bridges, P-way linking works, supply of ballast, S&T Buildings, level crossing and other miscellaneous works. The project’s total cost is estimated to be ₹283.69 crore and is expected to be completed within two years.

See Also: Top 10 Defence Companies Ranked By Order Book Value

This development comes on the heels of RVNL’s recent bid wins. On Monday, RVNL was declared the lowest bidder for a project tendered by East Central Railway, involving the design, supply, erection, testing, and commissioning of a 2×25 kilovolt feeder line along the track with 25-kilovolt overhead equipment modification works. The order was worth around ₹180 crore.

Last month, RVNL also entered into a memorandum of understanding (MoU) with Engineers India to explore global business opportunities. The collaboration aims to identify and bid for infrastructure projects on a global scale, leveraging the expertise of both organisations.

Price Action: RVNL's share price was down 1.22% to trade at ₹524.95 in the late hours of trading on Monday.

Read Next: NTPC Increases Total Capacity With New Solar Projects In Rajasthan, Madhya Pradesh