Indian railway infrastructure company, Rail Vikas Nigam Limited (RVNL), has announced the formation of a wholly-owned subsidiary in Saudi Arabia, marking its further expansion into the Middle Eastern market.

What Happened: According to a statement released on Thursday, RVNL has incorporated a new entity named “COMPANY RAIL VIKAS NIGAM LTD. (ONE PARTNER)” in Saudi Arabia. The company was registered on October 18, 2024, and received its certificate of registration on October 21, 2024.

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This move comes as part of RVNL’s ongoing global expansion strategy. Earlier, the company had established subsidiaries in Dubai in June 2024 and in Uzbekistan in August 2024.

The company has been bagging several domestic orders in the past few weeks. It recently emerged as the lowest bidder for a metro construction project awarded by the Maharashtra Metro Rail Corporation Limited.

Price Action: RVNL’s share price was down 2.44% to close at ₹465.65 on Monday.

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