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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​SPVs of RVNL​​​​

As a part of the mandate of Rail Vikas Nigam Limited (RVNL) to undertake project development, mobilization of financial resources and to implement projects pertaining to strengthening of Golden Quadrilateral and better connectivity to various ports, ​six Special Purpose Vehicles (SPVs) as Joint Ventures (JVs) have been formed. RVNL has a minimum​ equity participation of a minimum of 26% in each one of these SPVs.

Through these SPVs, RVNL has been able to mobilize a cumulative investment of ₹7760.21 crore out of which ₹2693.57 crore is equity and​ ₹5066.64 crore is debt from Financial Institutions. RVNL itself has invested a total of ₹983.85 crore as equity among these 6 SPVs, which is approximately 12.68% of the Gross total investment in these SPVs (refer to table below).

Name of SPV

Total Equity ₹ Crore RVNL's Equity ₹ Crore


Partners' Equity ₹ Crore


₹ Crore

₹ Crore

Kutch Railway Co Ltd. (301 km) $$
Bharuch Dahej Railway Co. Ltd. (63 km) *
Krishnapatnam Railway Co. Ltd. (113 km) **
Haridaspur Paradip Railway Co. Ltd. (82 km) #
Angul Sukinda Railway Ltd. (102 km) ##
Dighi Roha Rail Limited. (34 Km) @

$$ Bonus shares were issued in Nov. 2011 amounting to Rs.50 crores in the ratio of 1 : 4.

* Paid up Capital is Rs.155.11 Crore against Authorized Capital of Rs.165 Crore.

**Paid up Capital is Rs. 625 Crore against a total Authorized Capital of Rs. 650 Crore.

# Paid up Capital is Rs. 1063.36 Crore against a total Authorized Capital of Rs. 1500 Crore.

## Paid up Capital is Rs. 600 Crore against a total Authorized Capital of Rs. 800 Crore.

@ Only 5 lakh each have so far been contributed by RVNL & DPL (Promotor). 

Salient features of SPVs:

a) Kutch Railway Company Limited (KRC)

​​ Salient Features
Length301.0 Km
Project TypeGauge Conversion of Palanpur – Gandhidham section
Division, Railway​​
Ahmedabad, Western Railway
Traffic Catchment AreaPorts of Deendayal Port Trust and Mundra in Gujarat
Equity Participants

Rail Vikas Nigam Limited-50%

Deendayal Port Trust (previously Kandla Port Trust ) - 26%

Adani Port & SEZ Ltd -20%

Govt. of Gujarat-4%

Commercial Operations Date ​​(COD)Year 2006
Turn Over 2019-20 Rs. 741.00 Crore
 * The name of Kandla Port Trust is changed to Deendayal Port Trust

Current Development:

The Company is undertaking the doubling of Samakhiali - Palanpur section (248 km) to cater to the anticipated increase in traffic flows from Mundra and Deendayal ports. The project is executed by RVNL.

For further details please see Kutch Railway Co. Ltd

b) Bharuch Dahej Railway Company Limited (BDRCL)

​​ Salient Features
Length63 Km
Project TypeGauge Conversion
Division, RailwayVadodara, Western Railway
Traffic Catchment AreaDahej Port in South Gujarat
Equity Participants

Rail Vikas Nigam Limited -35.46%

Gujarat Maritime Board-11.51%

Gujarat Industrial Development Corporation-11.51%

Adani Petronet (Dahej) Port Private Limited-11.17%

HINDALCO Industries Ltd.-8.72%

Gujarat Narmada Valley Fertilizer Company-8.72%

Dahej SEZ Ltd.-6.45%

Jindal Rail Infrastructure Limited-6.45%

Commercial Operations Date (COD)Year 2012
Turn Over 2019-20 ₹28.40 crore

c) Krishnapatnam Railway Company Limited (KRCL)

​​ Salient Features
Length113.12 Km
Project TypeNew line: Obulavaripalli to Krishnapatnam Port
Division, RailwayVijayawada, South Central Railway
Traffic Catchment AreaKrishnapatnam Port in Andhra Pradesh
Equity Participants

Rail Vikas Nigam Limited- 49.76%

Sagarmala Development Co. Ltd.- 20.00%

Krishnapatnam Port- 12.96%

National Mineral Development Corporation Ltd.- 6.40%

Govt. of Andhra Pradesh- 5.60%

Bramhani Industries Ltd.- 5.28%.

Commercial Operations Date (COD)
  1. Venkatachalem – Nidiguntapalem – 01.10.2008
  2. Nidiguntapalem – Krishnapatnam – 28.02.2009
  3. Doubling of 21 km line from VKT to KAPT – 02.03.2014
  4. The complete connectivity was commissioned in June 2019

Turn Over 2019-20₹202.29 Crore

d) Haridaspur Paradip Railway Company Limited (HPRCL)

​​ Salient Features
Length82 Km
Project TypeNew line:  Haridaspur to Paradip Port
Division, RailwayKhurda Division, East Coast Railway
Traffic Catchment AreaParadip Port in Odisha
Equity Participants

Rail Vikas Nigam Limited -28.57%

Sagarmala Development Company Ltd. - 26.75%

Govt. of Odisha –18.89%

Paradip Port Trust-8.87%

Odisha Mining Corporation-8.74%

Essel Mining & Industries Ltd.-2.82%

Rungta Mines Ltd.–2.82%

Mundra Steel Power Limited- 1.41%

Jindal Steel Power Limited- 0.47%

Steel Authority of India Limited- 0.47%

Odisha Industrial Infrastructure Development Corporation, (Govt. of Odisha)-0.18%

Commercial Operations Date (COD)Still under construction

e) Angul Sukinda Railway Limited (ASRL)

​​ Salient Features
Length104.242 Km
Project TypeNew line:  Angul to Sukinda
Division, RailwayKhurda Division, East Coast Railway
Traffic Catchment AreaTraffic to and from Dhamra & Paradip Ports in Odisha
Equity Participants

Rail Vikas Nigam Limited -31.50%

Container Corporation of India-26.00%.

Govt. of Odisha-21.30%

Odisha Mining Corporation -10.50%

Jindal Steel Power Limited -10%

Odisha Industrial Infrastructure Development Corporation-0.70%

Commercial Operations Date (COD)Still under construction

f) Dighi Roha Rail Limited (DRRL)

​​ Salient Features
Length34 Km
Project TypeNew line:  Roha to Dighi Port
Division, RailwayMumbai Division, Central Railway
Traffic Catchment AreaTraffic to and from Dighi Port in Maharashtra
Equity Participants

Rail Vikas Nigam Limited-26%

Dighi Port Limited-52%

Maharashtra Maritime Board-11%

Sagarmala Development Company-11%

Commercial Operations Date (COD)Line is under construction

The activities of SPVs are yet to commence. The Shareholders Agreement is under finalisation.

New SPVs under formation

Rail connectivity to REWAS Port in Maharashtra

Strategic Partnership with Ministry of Shipping for development of rail connectivity and rail infrastructure of Ports

RVNL has participated in the forming of Indian Port Rail Corporation Limited (IPRCL), a SPV formed under the Ministry of Shipping. The SPV has a mandate of taking up projects with the objective of strengthening the rail evacuation network and the last mile connectivity to ports.

Salient features:

  • Initial Authorised Capital of IPRCL is  ₹500 crore.
  • The stakeholders are 12 Major Ports and RVNL.
  • RVNL’s equity participation is limited to 10 crore only i.e. 10% of the initial subscribed share capital.
  • Mandate of SPV: to undertake maintenance, up-gradation and modernisation of the Port Railways and also provide capacity augmentation wherever required.


High Speed Rail Corporation of India Limited (HSRC)

High Speed Rail Corporation of India Ltd. (HSRC) has been formed as a wholly owned subsidiary of Rail Vikas Nigam Ltd. (RVNL), with the approval of President of India, to develop High Speed Rail (HSRC) Corridors in India to run passenger trains at speed of upto 350 km per hour. The details of Corporation and Projects being undertaken by HSRC may be seen in the Directors Report included as Part ‘I’ of this Report.


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