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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 ₹7249.94 crore out of which ₹1917.30 crore is equity and​ ₹5332.64 crore is debt from Financial Institutions. RVNL itself has invested a total of ₹668.51 crore as equity among these 6 SPVs, which is approximately 9.2% 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)200100​
Bharuch Dahej Railway Co. Ltd. (63 km)155.115535%100.1165%230385.11
Krishnapatnam Railway Co. Ltd. (113 km)2708130%18970%9331203
Haridaspur Paradip Railway Co. Ltd. (82 km)613.19223.5136%389.6864%1561.642174.83
Angul Sukinda Railway Ltd. (102 km)60018932%41169%16002200
Dighi Roha Rail Limited. (34 Km)*792025%5975%708787
Total1917.30668.51 1248.79 5332.647249.94

*RVNL and the other Partner have paid Rs. 5 lakh each for this project till da​te.

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%

Govt. of Gujarat-4%

Adani Port & SEZ Ltd -20%.

Commercial Operations Date ​​(COD)Year 2006
Turn Over 2016-17 (provisional)₹695 Crore​

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. Cost: Rs 1548.66 Crore: sanctioned by Ministry of Railways

For further details please see Kutch Railway Co. Ltd

b) Bharuch Dahej Railway Company Limited (BDRCL)

​​ Salient Features
Length62 Km
Project TypeGauge Conversion
Division, RailwayVadodara, Western Railway
Traffic Catchment AreaDahej Port in South Gujarat
Equity Participants

Rail Vikas Nigam Limited -35.46%

Dahej SEZ Ltd.-6.45%

Gujarat Maritime Board-11.51%

Gujarat Industrial Development Corporation-11.51%

Jindal Rail Infrastructure Limited-6.45%

HINDALCO Industries Ltd.-8.72%

Gujarat Narmada Valley Fertilizer Company-8.72%

Adani Petronet (Dahej) Port Private Limited-11.17%

Equity Gap-6%.

Commercial Operations Date (COD)Year 2012
Turn Over 2016-17 (Provisional)₹53.13 crore

c) Krishnapatnam Railway Company Limited (KRCL)

​​ Salient Features
Length113 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 -30%

Govt. of Andhra Pradesh-13%

Krishnapatnam Port-30%

National Mineral Development Corporation Ltd.-15%

Bramhani Industries Ltd.-12%.

Commercial Operations Date (COD)Phase I: 21 km line from VKT to KAPT – COD-2008 Phase-II: doubling of21 km line from VKT to KAPT – COD-2014
Turn Over 2017-18₹70.86 Crore

Phase-III of the construction of new line from Obulavaripalli to Venkatachalam is in progress.

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 -36.45%

Odisha Industrial Infrastructure Development Corporation, (Govt. of Odisha)-0.31%

Paradip Port Trust-10.94%

Essel Mining & Industries Ltd.-4.89%

Rungta Mines Ltd.–4.89%

Jindal Steel Power Limited- 0.82%

Steel Authority of India Limited- 0.82%

Mundra Steel Power Limited- 2.45%

Odisha Mining Corporation-15.15%

Govt. of Odisha –23.29%

Commercial Operations Date (COD)Still under construction

e) Angul Sukinda Railway Limited (ASRL)

​​ Salient Features
Length102 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%

Jindal Steel Power Limited -10%

Govt. of Odisha-21.30%

Odisha Mining Corporation -10.50%

Odisha Industrial Infrastructure Development Corporation-0.70%

Container Corporation of India-26.00%.

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-74%

Commercial Operations Date (COD)Process of land acquisition initiated

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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