Rail Vikas Nigam Ltd (RVNL) announced on Thursday that it has been declared the lowest bidder, along with its joint venture (JV) partner, for a project worth almost ₹174 crore in Madhya Pradesh.
The state-owned company informed the bourses that its JV with Salasar Techno Engineering Ltd, RVNL-SALASAR Joint Venture, emerged as the lowest bidder, or L1 bidder, for a construction project worth ₹173.99 crore.
The project has been awarded to the RVNL-SALASAR JV by the Madhya Pradesh Power Transmission Company Ltd (MPPTCL) as a general condition contract. As per the details of the contract, the joint venture company will be involved in the construction of 132 KV and 220 KV transmission lines, along with associated feeder bays, on a total turnkey basis in eastern Madhya Pradesh.
The project needs to be completed in an 18 month period. The project will be jointly executed by RVNL and Salasar Techno Engineering, in which RVNL has a 51% share, and the remaining 49% is owned by Salasar.
At the operating level, earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined 9.6% to ₹249.1 crore in the third quarter of this fiscal over ₹275.6 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 5.3% in the reporting quarter compared to 5.5% in the year-ago period.
(Edited by : Ajay Vaishnav)
