Rail Vikas Nigam Limited (RVNL), on Thursday said it has emerged as lowest bidder (L1) for a Mumbai Metro project of Rs 378.2 crore.

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RVNL, via an exchange filing said, "The company has emerged as the Lowest Bidder (L1) for design, manufacture, supply, installation, testing and commissioning of 2 nos. 110kV receiving substation including 110 kV, 33kV & 25kV cabling work, complete 25kV overhead catenary system along with switching station, 33Kv auxiliary power distribution system including 33/0.415 kV auxiliary sub-station (ASS) and complete SCADA system for main line & depot of Mumbai Metro line 2B of MMRDA."

Mumbai Metropolitan Region Development Authority (MMRDA) is a body of the Government of Maharashtra that is responsible for preparation of Regional Plan for MMR and the infrastructure development of the Mumbai Metropolitan Region.

Also Read: Rail Vikas Nigam joint venture secures an order worth Rs 252 crore in Gujarat

RVNL revealed that it participated in consortium with Siemens India, an electric services company. Also, Siemens happens to be the lead partner with 60 percent share in the bid/project while RVNL held 40 percent share in the same.

The Letter of Award (LoA) is yet to be issued, the company said.

Last week, TTIPL-RVNL consortium (Tracks & Towers Infratech-Rail Vikas Nigam) received a Letter of Award (LoA) from National Authority of India (NHAI) for a project worth Rs 1,271 crore.

Last month, RVNL signed a Memorandum of Understanding (MoU) with Noida-headquartered infrastructure and renewable firm Jakson Green for clean energy engineering, procurement and construction (EPC) projects, globally.

Stocks of RVN settled at Rs 73.90 apiece, down over 1.7 percent, when the market closed today, April 6, 2023.

Also Read: Rail Vikas Nigam joint venture secures project worth Rs 1,271 crore