RVNL Establishes New Subsidiary in Saudi Arabia, shares may get renewal
The 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.
RVNL Establishes New Subsidiary in Saudi Arabia, shares may get renewal
New Delhi: Indian railway infra arm and Public sector entity, 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.
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.
The 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.
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The shares of the company has been in the spotlight recently, especially following its latest share price movements and market activities. As of October 21, 2024, RVNL’s share price was Rs 465.65, reflecting a decline of 2.45% from the previous close of Rs 489.60. This drop comes amid a backdrop of significant fluctuations over the past month, where the stock has seen a decrease of approximately 4.99%.
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