RVNL inks pact with Patel Engineering for hydro and infra projects

30 Aug 2024 , 11:13 AM

Rail Vikas Nigam Ltd (RVNL), a Navratna public sector firm, has signed a Memorandum of Understanding (MoU) with Patel Engineering Ltd to collaborate on hydro and infrastructure projects both domestically and globally.

Patel Engineering stated in an exchange filing that the MoU sets a platform for collaboration by using both businesses’ strengths and capabilities in hydro and other infrastructure projects. The agreement will allow both companies to pursue cooperation opportunities in a variety of capacities.

The agreement allows RVNL and Patel Engineering to collaborate on specific hydro and infrastructure projects as opportunities arise. This collaboration seeks to combine Patel Engineering’s considerable infrastructure knowledge with RVNL’s expertise in rail and transportation infrastructure.

The MoU allows the parties to engage in tenders and project bids either together or individually. When working together on bids, both organisations will coordinate bidding methods, structures, and terms to guarantee a consistent approach.

The MoU stresses the establishment of a collaborative framework to improve synergies in the hydro and infrastructure sectors, demonstrating a shared commitment to high project execution and excellence.

At around 11.05 AM, RVNL was trading 2.98% higher at ₹597.05, against the previous close of ₹579.80 on NSE. The counter touched an intraday high and low of ₹599.85, and ₹580.65, respectively.

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