RVNL to award ₹3,300-cr contract to JSPL

Jindal Steel and Power (JSPL) is set to bag a Railway Vikas Nigam (RVNL) contract as it emerged as the lowest bidder in a tender worth about ₹3,300 crore, floated for supply of 4.45 lakh tons of rails. RVNL, which functions as an extended arm of the Ministry of Railways, has been empowered to act as an umbrella special purpose vehicle (SPV) to undertake projects directly or by creating project specific SPVs. Joint Managing Director N A Ansari, JSPL, said that the company had emerged as the lowest bidder or L1 for the order and now RVNL is evaluating other aspects before placing the order. JSPL has made a mark in steel, power, mining and infrastructure sectors and currently operates 1 million ton per annum (MTPA) rail mill at its Raigarh plant in Chhattisgarh.