Rail Vikas Nigam Limited (RVNL) has emerged as the lowest bidder for a metro construction project awarded by the Maharashtra Metro Rail Corporation Limited.

What Happened: RVNL announced on Wednesday that it had been selected as the lowest bidder for a contract from Maharashtra Metro Rail Corporation Limited. The contract includes the construction of seven elevated metro stations in Reach 3A and three in Reach 4A of the Nagpur Metro Rail Phase-2 project.

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The project, valued at ₹270 crore is expected to be completed within 30 months.

Earlier today the company filed its latest shareholding data. FIIs were net buyers of RVNL shares during the July-September quarter. As of September 30, FIIs own a 5.05% stake or 10.52 crore shares of the railway infrastructure company. This is an increase from the 3.13% stake or 6.52 crore shares they held at the end of June.

Earlier in the month, the company announced bagging a project from the East Coast Railway. The project entails the construction of the third and fourth lines between Jarapada and Talcher Road and a new line between Angul-Balram.

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