Indian railway infrastructure company, Rail Vikas Nigam Limited (RVNL), has taken another step in its global expansion by forming a wholly-owned subsidiary in Saudi Arabia.
What happened: RVNL announced the incorporation of a new entity named “COMPANY RAIL VIKAS NIGAM LTD. (ONE PARTNER)” in Saudi Arabia, registered on October 18, 2024, with the certificate of registration issued on October 21, 2024. This move is part of RVNL’s strategic efforts to expand into the Middle Eastern market.
Earlier in 2024, RVNL had established subsidiaries in Dubai and Uzbekistan, furthering its global footprint.
The company has also been securing multiple domestic projects recently, including emerging as the lowest bidder for a metro construction project awarded by Maharashtra Metro Rail Corporation Limited.
Price action: RVNL’s share price fell 2.44% on Monday, closing at ₹465.65.
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