Dear Shareholders,

Your Directors are pleased to present the 22ndAnnual Report and Audited Financial Statements for the Financial Year ended 31 March, 2025 together with the reports of Statutory Auditors.Comments of Comptroller & Auditor General of India are yet to be received by the Company.

1. Financial Performance Highlights

The key highlights of the financial performance of the company during FY 2024-25 along with the corresponding performance in F.Y. 2023-24 are mentioned below (rounded to nearest rupees/crore):

(Rs. in crore)

* Final dividend amounting to Rs 358.62 crore @ Rs 1.72 per fully paid equity share recommended by the Board of Directors subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.

Capital Structure

With an Authorized share capital of the Company of Rs. 3000 crores, there has been no change in the Capital Structure of the Company, with the Paid-up share capital of the Company remaining at Rs. 2085.02 crore. The Company has not issued any share during the year under consideration.

Employee Stock Option Plan

Your Company has not provided any Employee Stock Option Plan (ESOP); therefore, disclosure requirement in relation to ESOP under Rule 12(9) and Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 is not applicable.

Shareholding of President of India (POI)

As on 31.03.2025, the present Shareholding of President of India (POI) is 1,51,87,43,694 equity shares of Rs. 10 each amounting to Rs. 15,18,74,36,940 that is 72.84%.

Profit

Profit before Tax decreased from Rs. 1,939.40 crore in 2023-24 to Rs. 1,550.17 crore in 2024- 25 showing an decrease of 20.07%. Profit after Tax decreased from Rs. 1,462.95 crore in FY 2023- 24 to Rs. 1,188.62 crore in FY 2024-25 showing a decrease of 18.75%.

Net Worth

The Net Worth of your Company has increased over the previous year from Rs.7,867.28 crore to Rs. 8,623.72 crore on account of transfer of profits (after payment of Dividend& OCI).

Reserves

The Reserves & Surplus of the Company for FY 2024- 25 stand at Rs. 6538.70 crore as compared to Rs. 5,782.26 crore in FY 2023-24, showing an increase of 13.08% from previous year.

Dividend

The Board recommended a final dividend of Rs. 358.62 crores (Rs. 1.72 per share) subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. Total dividend for the financial year 2024-25 is Rs. 358.62 crore.

Acceptance of Deposits

Your company has not accepted any deposit from the public during the year.

Reimbursement of Expenditure

RVNL received an amount of Rs. 17,917.05 crore (approx.) for project expenditure during the current year, from Ministry of Railways (MoR) for execution of various works.

Loans from IRFC

During the year, no borrowing was made from IRFC. With this, the total amount received from IRFC is Rs. 7865.08 crore. The principal and interest on the borrowings from IRFC are repaid by Ministry of Railways (MoR) as a pass-through entry in the books of RVNL. During the year, an amount of Rs.472.00crore towards principal & Rs. 550.19 crore towards interest was paid to IRFC on this account, leaving an outstanding loan & Principal balance of Rs. 5941.66 crore (including interest accrued of Rs.1449.30 Cr).

Turnover

Your Company has achieved a turnover of Rs. 19,869.35 crore in 2024-25 as compared to Rs. 21,732.58 crore in 2023-24.

In addition, over the years the Company has also put a large number of large value contracts in place to speed up the process of project execution. At the same time, there has also been a significant increase in the revenue from the projects secured through bidding to the tune of Rs. 2771.50 crore during 2024-25 in comparison to Rs. 1698.78 crore in the previous year.

Consolidated Financial Statements

The consolidated Financial Statements of the Company prepared in accordance with the provisions of Companies Act, 2013 and the applicable Indian Accounting Standards (IND-AS) for the financial year 2024-25 forms part of the Annual Report of the Company. The accounts have been consolidated based on the performance and activities of the SPVs, JVs, Associates and the share of RVNL in those entities as an equity partner and its wholly owned subsidiaries. The related entries appearing in the standalone accounts of RVNL have been adjusted accordingly in consonance with the relevant Indian Accounting Standards (Ind AS 110 & 28). The salient features of differences in the significant entries between the Standalone Accounts of RVNL and the Consolidated Accounts are as under:

(Rs. in crore)

** PBT includes Rs. 95.41crore as proportionate share of RVNL in the profit/loss of Joint Ventures.

Subsidiary, Joint Venture and Associate Companies

A report on the performance and financial position of subsidiary, associates and joint venture Company as per Companies Act, 2013 is provided in Note-43 to the Consolidated Financial Statements.

2. Integral Reports

The Management Discussion and Analysis

Report provides an overview of the affairs of the Company, its business environment, mission and objectives, outlook, operational performance, its resources and systems, strengths, opportunities, constraints, risks and concerns, strategies, prospects, etc. (Annexure A).

The Corporate Governance Report highlights the Company's philosophy on Corporate Governance and Key Values, composition of Board of Directors and its Committees, attendance and remuneration of Directors etc. other relevant disclosures, CEO/CFO Certification and general information for shareholders. The following compliance certificates as required under DPE Guidelines and SEBI Regulations supplement it. (Annexure B).

A Certificate signed by the Chairman and Managing Director affirming receipt of compliance with the Code of Conduct from all Board members and Senior Management personnel during the year 2024-25(placed at Annexure “B-1”) as per guidelines of Department of Public Enterprises on Corporate Governance.

A Certificate from the Chairman and Managing Director (CMD) and Chief Financial Officer (CFO) with regard to the authenticity of financial statements (placed at Annexure “B-2”); and

A Certificate of compliance on Corporate

Governance signed by a practicing Company Secretary (placed at Annexure “B-3”) as per guidelines of Department of Public Enterprises on Corporate Governance and Listing Regulations.

Certificate on non-disqualification of Directors as per schedule V of SEBI (LODR) Regulations, 2015 (placed at Annexure “B-4”)

The Corporate Social Responsibility (CSR) Report reflects RVNL's plans, policy, budget, expenditure, evaluation process for projects and CSR activities undertaken during the year. (Annexure C)

The “Business Responsibility and Sustainability Report (BRSR)”describes the initiatives taken by the Company from an Environmental, Social and Governance (ESG) perspective in terms of amendment to Regulation 34 (2) (f) of SEBI (LODR) Regulations 2015.(Annexure D)

Pursuant to provisions of Section 204 of Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial personnel) Rules 2014, the Company has appointed M/s. Kumar Naresh Sinha & Associates, Practicing Company Secretary, to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is placed at Annexure “E”.

As per Section 92 (3) of the Companies Act, 2013, Annual Return will be available on the website of the Company i.e., www.rvnl.org.

The disclosure of Related Party Transactions, as required under section 134 (3) (h) of Companies Act, 2013 and Rule 8 (2) of the Companies (Accounts) Rules, 2014 in Form “AOC-2” is placed at Annexure “F”.

3. Operational Performance

Your Directors are delighted to inform that the F.Y. 2024-25 has been a year of excellence and growth for the Company.

In 2024-25, 345.89 km sections were commissioned consisting of 3.2 km of New Line and 342.69 km of Doubling handed over to Zonal Railways for operations.

During the year, 5 important projects were fully commissioned. These are:

Rajpura- Bhatinda (172.64 km) Doubling Janghai- Phahamau Doubling

Varanasi- Madhosingh- Allahabad

Doubling

Daraganj- Rebuiding (Bridge No. 111 on

Ganga)

Pamban Bridge (Lifting Span Bridge)

The year 2024-25 was significant in Indian history for organizing largest gathering at Prayagraj during Maha Kumbh. The fastest commissioning of Janghai- Phahamau Double line Project (46.1 km), Varanasi- Madhosingh- Allahabad Double line Project (120.20 km) and Daraganj-Rebuilding (Bridge No. 111 on Ganga, 1.934 km) has eased out railway traffic during Maha Kumbh which facilitated Indian Railway to run 1000+ extra trains during this period.

The iconic Pamban Bridge of 2.1 km length comprising of India's first vertical lifting span over Bridge of 72-meter span was completed in November 2024 that connected the town of Rameswaram on Pamban Island with Mandapam in mainland. World's most advanced technologies have been used in construction of Pamban Bridge. The Bridge was inaugurated by the Shri Narendra Modi Honourable Prime Minister of India. Nearly 14 passenger trains run daily over this new constructed bridge which carries thousands of passengers to Rameswaram.

Railway Electrification:

During the year, with the focus of the Ministry on the commissioning of Railway Electrification projects, Company commissioned 158.19 km of Railway Electrification. In addition, Railway Electrification of 324.83 km was also carried out in other than specific Railway Electrification projects as part of Doubling. Thus, 483.02 km of electrified sections were commissioned in 2024-25.

3.1 Physical Size of the Projects:

Since its establishment in 2003, Ministry of Railways has transferred 185 projects to RVNL for execution, which may be broadly classified under the following heads:

And after implementation of revocation of policy for assignment of work to PSUs in 2021, RVNL had participated in Open Bidding and projects awarded through biddings as on March 2025 are:

• Awarded through Bidding 94

The distribution of project length under various plan heads is shown below:

3.1.1 Nature of Works being Executed by RVNL:

RVNL is executing all types of Railway Infrastructure works such as New Line, Gauge Conversion, Doubling/3rd Line/4th Line, Railway Electrification, Workshops, Hill Railway Projects, Institutional Buildings, Mega Bridges, Metro Railway, Tunnels, Monumental Bridges, Canals, Transmission Lines, Highways, Signaling Work, MMLPs etc.

3.1.2 Project Implementation Units (PIUs):

These projects are spread all over the country and for efficient implementation of projects, 29 Project Implementation Units (PIUs) established at 25 locations to execute projects in their geographical hinterland. They are located at Ahmedabad, Bengaluru, Bhopal, Bhubaneshwar, Chennai (2 Units), Chandigarh, Gwalior, Indore, Kanpur, Kolkata (3 Units), Kharagpur, Kota, Lucknow, Mumbai, Nagpur, Patna, Pune, Raipur, Rishikesh, Ranchi, Secunderabad, Varanasi (2 Units) and Waltair. Two projects units are also established outside India, one is at Maldives & another is at Rwanda. The PIUs are established and closed as per requirement.

3.2 Status of physical progress of projects

The status of the 279 projects assigned to RVNL for execution is as under: -

Projects completed up to March 2025 :157 No.

RVNL has so far completed 157 projects.

The list of 157 projects fully completed up to March 2025 is as under:

3.3 Total project length completed:

Cumulatively, RVNL has completed a total of 6489.06 km of doubling, 2120.36 km of

gauge conversion, 623.49 km of new lines, 7743.30 km of pure Railway Electrification, 4479.96 km RE as part of NL/Gc/DL and 84.40 km of Metropolitan Transport Project (MTP). Thus, as on 31.3.2025, 17060.61 km of project length of 185 sanctioned projects assigned to RVNL, have been completed.

3.4 Project length completed during 2024-25:

During 2024-25, 310.36 km (8.3 km of New Line, 302.06 of Doubling and 2 Bridge Works Project have been physically completed. 159 km of Railway Electrification was carried out during the year and in addition, Railway Electrification of 298.11 km was also carried out in other than specific Railway Electrification projects as part of Doubling.

3.4.1 Sections completed under New Line Plan

Head: During the year, 8.3 km of New Line was completed, the details are given below:

3.4.1.1 Bhanupalli - Bilaspur - Beri (63.1 km) :During the year, Shri Anandpur Sahib- Nangal Dam (3.2 km) section was completed in February 2025.

3.4.1.2 Neora - Daniawan (40.92 km): During the year, Sarasa Jamalpur - Barbigha (5.1 km) section was completed in February 2025.

3.4.2 Sections completed under Doubling Plan Head: During the year, 302.06 km of Doubling was completed, the details are given below:

3.4.2.1 Dhanbad - Sonnagar (Patratu - Sonnagar)

- 3rd Line (291 km): During the year, 49.44 km of project length was completed. Mangra - Barwadih (5.82 km) was completed in April 2024, Untari Rd. - Karkatta (4.2 km) was completed in May 2024, Barwadih - Chhipadohar (9.76 km) was completed in August 2024, Satbahini - Untari Rd. (4.93 Km) completed in August 2024, Richughuta - Chetar (8.33 km) was completed in September 2024, Muhammadganj - Satbahini (6.84 km) was completed in December 2024 and Chetar

- Tori (TORI) (9.56 km) was completed in March 2025.

3.4.2 2 Vizianagaram - Sambalpur (Titlagarh) 3rd Line (264.60 km): During the year, 62.205 km of project length was completed.

Narsipuram (NSX) - Parvatipuram (PVP) (4.42 km) and Sitanagaram (SNM) - Narsipuram (NSX) 8.385 km were completed in May 2024, Bobbili (VBL) - Narsipuram (NSX) (11.273 km) was completed in July 2024, Donkinavalasa (DNV) - Bobbili (VBL) 11.958 km was completed in August 2024, Bissamcuttack - Muniguda 16.97 km was completed in September 2024 and Singpur Road Jn. (SPRD) - Theruvali Jn. (THV) (9.195 km) was completed in December 2024.

3.4.2.3 Hospet - Hubli - Tinaighat (352 km): During the year, 13.83 km of project length was completed, Tinaighat - Duski (9.46 km) and Majodara Jn.-Cansulim (4.37 km) were completed in April 2024.

3.4.2.4 Phephna- Indara, Mau - Shahganj (excl. Indara - Mau) (150.28 km) DL: During the year, 19.80 km of project length was completed. Phariha - Sanjarpur (5.00 km) was completed in August 2024, Sanjarpur - Saraimir (5.9 km) was completed in October 2024 and Saraimir - Khorasan Road (KRND) (8.9 km) was completed in December 2024.

3.4.2.5 Bhatni- Aunrihar (126.30 km): During the year, 33.36 km of project length was completed. Hurmujpur - Sadat (SDT) (6.11 km), Dullahpur - Jakhanian (8.45 km) and Jakhanian - Hurmujpur (3.7 km) were completed in September 2024. Pipradih - Nayakdeeh (4.98 km) and Nayakdeeh- Dullahpur (5.08 km) were completed in January 2025 and Peokol - Salempur (5.04 km ) was completed on February 2025.

3.4.2.6 Janghai-Phaphamau DL with Electrification (46.79 Km): During this year, 46.16 km project length was completed. Janghai Jn. - Baryaram (5.07 km) was completed on April 2024, Baryaram - Ugrasenpur (9.00 km ) was completed on June 2024, Ugrasenpur - Phulpur (8.555 km ), Phulpur - Saraichandi (11.38 km) and Saraichandi - Tharwai (6.66 km) was completed in December 2024 with this completing the project fully.

3.4.2.7 Vijayawada - Gudur 3rd Line (287.67 km): During the year, 55.69 km of project length was completed. Krishna Canal Jn. (KCC) - Kolanukonda (KAQ) (H)- Peddavadlapudi (PVD) (7.1 km),Peddavadlapudi (PVD) - Chiluvur (CLVR) (3.82 km) and Tenali - Tsunduru (TSR) (11.18 km) were completed in June 2024. Chiluvur (CLVR) - Duggirala (DIG) (5.73 km) was completed in August 2024 and Duggirala (DIG)- Kolakalur (KLX)

(H)- Tenali (10.06 km) was completed in October 2024.

3.4.2.8 Kharagpur - Adityapur 3rd line (132 km): During the year, Aditypur Yard (3.4 km) was completed in May 2024.

3.4.2.9 Varanasi - Madhosingh - Allahabad (120.20 km): During the year, 7.33 km project length was completed. Jhusi (JI)- Daraganj (DRGJ) (4.096 Km) and Daraganj (DRGJ) - Allahabad City (ALY) (3.234 km) were completed in December 2024 with this completing the project fully.

3.4.2.10 Malkhedi- Mahadeo Khedi (MM of Mina - Kota Doubling): During the year, Malkhedi- Mahadeo Khedi (6.89 km) was completed in November 2024 with this completing the project fully.

3.4.3 Sections completed under Pure Railway Electrification Works: During the year, 159 km of Railway Electrification was completed, the details are given below:

3.4.3.1 Hospet -Hubli-Vasco Da Gama: During the year, Castle Rock- Carnozol (10 km) was completed in March 2025.

3.4.3.2 Dallirajhara-Rowghat During the year, 43 km of project length was completed. Bhanupratappur - Antagrah (25 km) was completed in June 2024 and Antagarh- Taroki (18 km) was completed in December 2024.

3.4.3.3 Sabarmati-Botad: During the year, 106 km of project length was completed. Moriyay- Koth Gangad (52 km) was completed in January 2025, Koth Gangad- Loliya (20 Km) was completed in February and Loliya- Bhimnath (34 km) was completed in March 2025 with this completing the project fully.

3.4.4 Bridge Work projects completed: During the year, 2 Bridge Work projects were fully completed, the details of which are as under:

3.4.5 Daraganj- Rebuiding (Bridge No. 111 on Ganga): The Daraganj- (Bridge No. 111 on Ganga) was completed in November 2024 along with completion of Varanasi- Madhosingh- Allahabad doubling project.

3.4.6 Pamban Bridge (Lifting Span Bridge):

India's first vertical lifting span over Bridge (Total length 2.1 km) was completed in November 2024 combining innovation with the rich legacy of the past, that connected the town of Rameswaram on Pamban Island with Mandapam in mainland.

3.5 Projects Fully Commissioned and Handed over to Railways:

Out of 157 projects completed so far, all the 157 projects have been fully commissioned and handed over to Indian Railways for operations and maintenance.

The list of 157 projects fully commissioned till March 2025 is as under:

The list of 6 projects fully commissioned in 2024-25 are as under:

3.5.1 Sections of Projects Commissioned and handed over to Railways in 2024-25:

In 2024-25, 345.89km sections were commissioned consisting of 3.2km of New Line and 342.69 km of Doubling handed over to Zonal Railways for operations. 158.19 km of Railway Electrification was also carried out, in addition, Railway Electrification of 324.83 km was also carried out in other than specific Railway Electrification projects as part of Doubling, the details are given below:

The list of Projects/ sections under Railway Electrifications plan head commissioned during 2024-25 is as under:

3.6 Signalling and Telecommunication

The Signaling & Telecommunication (S&T) domain provides appropriate and cost-effective solutions for efficient and safe operation of trains on Indian Railways. RVNL promotes use of modern technologies on Indian Railways namely Electronic Interlocking (EI), Digital Axle Counters, Fiber Optic Cable Network, Automatic Block Signaling, ETCS L1/L2/L3, IOT based Diagnostic & Predictive Maintenance systems etc.

The technological advancement is aimed to achieve high level of safety in train operations, availability of system and increased speeds of trains with minimum head ways. This ensures the efficient punctual operation of Freight as well as of Coaching Trains. This has resulted in reduction of turnaround in freight transportation. With continuous and tireless effort of S&T vertical of RVNL in Railway Infrastructure, Indian Railways is able to achieve increase in freight loading and operation of large number of passenger trains across the length and breadth of the country.

RVNL is a major contributor in providing EI installations on Indian Railways in connection with Doubling, 3rd Line, New Line and Gauge Conversion. Keeping its tradition high, during FY 2024-25, RVNL has commissioned Electronic Interlockings at 47 Stations on Indian Railways. Besides new EIs, RVNL has commissioned modification at 44 stations on Indian Railways to decongest Railways existing routes.

In its commitment to Indian Railways, RVNL has commissioned Major Yards of Indian Railways such as Yard remodeling of Ambodala, Talcher Road, and Adityapura with routes varying from 200 to 585 Routes.

RVNL has taken up 86 Nos. of Non-Interlocking (NIs) of stations for commissioning of Doubling & 3rd Line projects during the year. RVNL has also commissioned the 30 numbers of IBS, 166 Automatic Signalling using Electronic Interlocking and 41 Nos of mid-section level crossing gates have been interlocked with signals to improve safety of road user. Not only on the Signalling front, RVNL has also completed the incredible achievement in the area of telecommunication by providing 2763 km of Fiber Optic Network and 6 Quad Cable network during the year.

RVNL has increased team of IRSTELO license holders who are experienced to approve Logic & Interface Circuits and design drawings of all types of Railway signaling systems in-house. Besides, Railway Board had entrusted RVNL to approve Logic & Interface

Circuits through 3rd Party IRSTELO license holders for CR, SCR, WR & WCR up to 75 routes. So far, RVNL has checked Logic & Interface Circuits of more than 20 stations of NCR icw 3rd line Automatic Block Signalling. This has reduced the workload of Zonal Railways on document approval organization and expedited the approval process of Logic & Interface Circuits. This has resulted in timely commissioning of large number of stations by RVNL to adhere the target set by Railway Board.

RVNL has commissioned latest Communication-Based Train Control (CBTC) Signalling System from JOKA to MAJERHAT (10 km UP & DN each) on Kolkata Metro . Similarily Communication-Based Train Control (CBTC) based Signalling System from Kavi Subhash to Beliaghat (10 km UP & DN each) on Kolkata Metro is ready for commissioning.

RVNL has participated in various tenders of Automatic Signalling of Zonal Railways and has been awarded Automatic Signalling works of Rs 148.96 crore (SECR & SR) during FY 2024-25.

RVNL has also participated in BSNL tender for Development (Creation, Upgradation, Operation & Maintenance) of Middle Mile Network of Bharat Net on Design Build Operate & Maintain (DBOM) for UP East and UP West and has been awarded works worth Rs 13235.56 crore during FY 2024-25.

Having played a very vital role in providing large nos. of signaling installations in connection with large infrastructure projects on Indian Railway, Signaling & Telecommunication vertical is on the lookout for opportunities in various signalling and telecom sector of Railways & other industries within India & abroad.

3.7 Projects under implementation:

There are 120 projects under various stages of implementation by RVNL.

3.7.1 The details of 28 projects assigned by Ministry of Railways to RVNL till March 2025 and which are under implementation are as under:

3.7.2 The list of 94 projects awarded to RVNL through Competitive Bidding and under execution is as under:

The details of 58 projects awarded to RVNL through competitive biddings up to March 2024 are as under:

3.7.3 The list of 36 projects, awarded to RVNL through Competitive Bidding in 2024-25 and under execution is as under:

3.7.4 The list of projects transferred back to Railway in 2024-25 is as under:

3.8 Major Projects awarded through Bidding:

3.8.1 Indore Metro Project:

Rail Vikas Nigam Limited (RVNL) has been awarded three major packages (IN02, IN03 & IN04) of the yellow line of the project as detailed under:

Package 02-

Design and Construction of Elevated Metro Rail Stations including all Civil, Structural, Roof structure, MEP works, Architectural finishes, Facade, Entry/Exits, FOB, Viaduct within the stations including Transition spans - Indore Metro Rail Project Yellow Line. (7 no. of Elevated Metro Stations)

Package 03-

Design and Construction of Elevated Viaduct, Viaduct Connecting Depot leading up to interface location, Elevated Metro Rail Stations including all Civil, Structural, Roof structure, MEP works, Architectural finishes, Facade, Entry/Exits, FOB, Viaduct within the stations including Transition spans - Indore Metro Rail Project Yellow Line.

(10.9 km Viaduct & 9 no. of Elevated Metro Stations)

Package 04- "Part Design and Construction of Elevated Viaduct, Five (5) Elevated Metro Rail Stations (viz. Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony & Palasia Chauraha) and Ramp between Chainages 31+755 to 34+898.061 & 3+669.547 to 5+862 for Indore Metro Rail Project".

(4.73 km Viaduct & 5 no. of Elevated Metro Stations)

Key Highlights/ Achievements of the Project (IN02, IN03 & IN04)

ACHIEVEMENTS:

? After completion of work of 5.8 km viaduct and 5 elevated metro station in Dec'24, the CMRS was successfully carried out in 3 stages:

Accordingly, authorization for commercial operations was received for 5.8 km viaduct and 5 elevated metro station.

? Overall Work of 10.8 km viaduct out of 10.927 km completed.

Key Features of the Project

Project consist of 3 Packages named as Package IN-02, Package IN-03 & Package IN- 04, the key features of the areas under:

Package-2 includes 7 nos. of Elevated Metro Stations (ISBT/MR10 flyover, Chandragupta Square, Hira Nagar, Bapat Square, Meghdoot Garden, Vijaynagar Square, Radisson Square) & transition spans.

Package IN-03

Package-3 includes 9 nos. of Elevated Metro Stations (Gandhi Nagar, Super Corridor 6, Super Corridor 5, Super Corridor 4, Super Corridor 3, Super Corridor 2, Super Corridor 1, Bhawarsala, MR10 Road station) & 10.9 km of elevated viaduct (Elevated Viaduct, viaduct connecting Depot leading up to interface location).

Package IN-04

Package-4 includes 5 nos. of Elevated Metro Rail Stations (viz. Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony & Palasia Chauraha) and Ramp between Chainages 31+755 to 34+898.061 & 3+669.547 to 5+862.

4.736 km of elevated viaduct.

JV (RVNL-URCC) [51-49]

3.8.2 Underground Metro Projects at Chennai (CMRL)

RVNL has won 3 contracts on bidding with Chennai Metro Rail Limited (CMRL) as part of it's massive Phase - II expansion in the year 2023 comprising Construction of 16 underground stations spread over 3 contract packages.

All the 3 projects are progressing as per the timelines. The project includes some of the deepest stations on the Chennai metro network and are being executed in the heart of the city. The projects on completion are destined to transform the city of Chennai the significant contribution of RVNL in shaping the urban infrastructure will be recorded & recognized as a Nation building exercise.

UG-04 - RK SALAI STATION (North shaft Roof slab casting in progress)

3.8.3 Nagpur Metro Projects - Design & Construction of 6.92 km Elevated Metro Viaduct, 24 Elevated Station in Nagpur Metro Rail Project - Phase - II.

Project Brief: -

RVNL is entrusted with 6.92 km viaduct and 24 number of stations for Phase 2 Works in Nagpur Metro for a total assigned value of Rs 1108.43 Cr.

Work is going on in full swing in all packages. Major package pertains to construction of 6.92 km Viaduct (Only Civil Portion). It involves 238 number of spans. Around 45% of this package is complete. Launching of 56 spans (total 1.75 km) with 3 no's of LGs has been completed till date.

This package also involves construction of 210 mtr of CLC with central span of 110 mtr over railway lines which is longest in Nagpur Metro. Total duration of work is 30 months from 06-Oct-23 and it is targeted to be completed within DOC.

Station Works are covered under 3 different Packages (i.e. Reach 2A,1A, 2B, 3A & 4A) and work is going on with desired pace in all packages with heavy deployment of Men and Machineries.

3.8.4 Kakinada 4 - Lane Project of NHAI

Under Bharatmala pariyojana, RVNL PIU/ Waltair is executing the 12.25 km 4-lane highway from Samarlakota to Achampeta junction as a part of port connectivity road from Kakinada port to NH-16 (Kolkata- Chennai). Completion of this project will enhance logistic efficiency and reduce logistics costs of freight movements.

Status of Major Items

3.8.5 Development of Kharicut Canal, Ahmedabad Municipal Corporation Area Package 2 & 3

Kharicut canal is 137 years old canal system catering 10200 ha command area for disposal of rain and storm water from upstream catchment area between Sabarmati and Khari rivers and also used for irrigation purpose. Approximate 23 km length of Kharicut canal which was passing through agricultural land and surrounding villages of Ahmedabad City is now passing through the dense eastern part of Ahmedabad city.

The work of development of the Kharicut Canal was awarded by AMC on 19.10.2022 & RVNL's scope of work covers a total length of 5.1 km, falling under Package 2 & 3, from chainage 2500 to 7600. The primary objective of this project is to improve the environmental and sanitary conditions for residents living along the canal by eliminating unhygienic and foul-smelling surroundings, thereby reducing the risk of diseases. Additionally, the canal alignment has been integrated with a four-lane road, aimed at easing traffic congestion and improving urban mobility. The overall physical progress is approximately 90%.

3.8.6 Manufacturing of 120 Nos. Trainsets (VANDE BHARAT)

The agreement for manufacturing Vande Bharat Sleeper version train was signed on 27 September 2023 between Indian Railways and the JV of JSC Metrovagonmash, RVNL and JSC Locomotive Electronics System (LES) since promoted and incorporated as Kinet Railway Solutions Ltd. (KRSL).

Vande Bharat sleeper train will have 16 coaches which includes 11 AC 3-Tier coaches,

Key components of the project include:

Construction of diaphragm walls (D- walls) on both sides of the canal for structural support.

Construction of Storm Water Drain (SWD) boxes of size 6 m x 3.6 m on both sides.

Installation of precast box segments (2.60 m x 2.60 m x 1.5 m) in the central portion of the canal.

Road construction over the canal consisting of Wet Mix Macadam (WMM) base layer, Dense Bituminous Macadam (DBM) intermediate layer, Bituminous Concrete (BC) top layer.

Landscaping with plantation in the central median to enhance aesthetics.

RCC pipelines and inlet chambers on both outer sides to manage local drainage effectively.

Street lighting provided on both sides for the safety and convenience of pedestrians and vehicular traffic.

In summary, the Kharicut Canal Development Project significantly contributes to a cleaner and healthier environment while also improving transportation infrastructure for the benefit of the city's residents.

4 AC Two-Tier coaches and 1 First AC. It will be equipped with advanced features such as special roofing, enhanced air conditioning, virus control mechanisms, reduced jerks, noise, and vibrations. The project envisages meticulous design of aesthetically appealing interiors and the selection of suitable inside panels in order to produce significantly improved version that sets new standard of excellence & innovation, demonstrating an unwavering commitment to excellence and innovation in rail transportation.

3.8.7 First overseas project in Maldives

RVNL bagged the first offshore order for development of a port and construction of allied infrastructure in Maldives, i.e. for development of UTF (Uthuru Thila Falhu- Island) Harbour Project. This is a strategic project of Government of India. The agreement was signed in January 2023.

The work has taken off well. As on date, the physical progress is 45%, 75% of marine and 10% of land side works have been completed.

3.9 Strategic Railway Projects by RVNL

3.9.1 New Pamban Bridge (2.08 km):

Rail Vikas Nigam Limited (RVNL), was entrusted with the responsibility of construction of New Pamban Bridge in 2019. As the nodal agency for this ambitious infrastructure project, RVNL's role extended from concept to commissioning and not a mere construction of new bridge. RVNL commitment was to deliver a structure that would not only meet the needs of the present but also preserve region's connectivity and economic vitality for time to come. Thus, the project was not merely a replacement to an old bridge, it was about setting a new benchmark in modern bridge engineering.

The New Pamban Bridge is designed as a vertical lift structure with cables/pulley arrangement with advanced geotechnical studies, hydrodynamic analysis, and the use of durable corrosion-resistant materials, we ensured the longevity and strength of the structure. We also used modern construction techniques to speed up the process while ensuring the highest levels of quality control.

Challenges in Construction: Overcoming the Odds

The construction of the New Pamban Bridge presented numerous challenges, ranging from environmental obstacles to logistical complexities. The Palk Strait's turbulent waters, strong winds, and unpredictable weather patterns created difficulties in the construction process. Additionally, the region's susceptibility to cyclones and seismic activity necessitated careful planning and robust design.

Logistically, transporting heavy materials to the remote construction site posed another challenge. The narrow windows of opportunity provided by the tides had to be maximized to facilitate the timely delivery of materials. Despite these hurdles, the team of engineers and workers displayed exceptional ingenuity innovative solutions, cutting-edge technology, and sheer determination overcoming the challenges and thereby ensuring the successful completion of the bridge.

It is a matter of great pride that doing the course of work involving more than 1400 tons of fabrication, launching of lift spans and 99 Girders, the whole work was absolutely injury free. This is testimony to RVNL's working methods taking utmost care for safety and health.

The Iconic Pamban Bridge was inaugurated by Hon'ble Prime Minister of India.

Salient features of Pamban Bridge:

Innovations and New Technology:

• Stainless steel reinforcement used in foundation/ Sub-structure.

• 19.65 m long steel plates to eliminate splice joint in the approach span girders of 18.3 m span.

• Fully welded girder (Box sections) is adopted for lift span truss to minimize the corrosion.

• 20 m long rails 60 kg to reduce rail joints.

• Robust Painting Scheme adopted - design life - 38 years.

• Piling by gantry method on Mandapam end due to shallow depth.

• Complete automation of lifting/ monitoring (SCADA).

3.9.2 Rishikesh-karanprayag New Rail Link Project - 125 km

This transformative project in Uttarakhand is being executed by RVNL. It will connect the state's remote hinterlands directly by rail, marking a new chapter in regional connectivity and development. The project spans 125 kms, and the route is charted through the challenging Himalayan terrain. The project comprises 12 new stations 28 tunnels with a cumulative tunnel length of 213 kms and 19 major rail bridges, making it one of the most challenging projects currently underway in India. This line may also serve as the main feeder route for any future Chardham connectivity.

The first block section, a 5.7 km stretch between Virbhadra and Yog Nagri Rishikesh, was successfully completed and commissioned in March 2020. Of the total 213 kms of tunnel excavation planned, 193 km have already been completed, along with 82 km of final lining. 8 out of the 19 major rail bridges have been completed, ensuring vital connectivity across difficult river crossings and valleys. In addition, four key road bridges have been constructed to facilitate access to work sites and future stations. Of the 46 tunnel drives planned, 35 breakthroughs have been successfully achieved.

The New Line is expected to be a catalyst for the socio economic development of the region and will considerably reduce travel time. The breakthrough of 14.57-km-long tunnel no 8 between Devprayag and Janasu was witnessed by Hon'ble Railway Minister. This is the India's longest transportation tunnel.

3.9.3 Bhanupali-Bilaspur-Beri New Line

The 63 km long Railway line passes through the challenging hill terrain of the lower Himalayas with a total route tunneling of 25.9 km. The proposed electrified BG rail line shall enable regional development through the connectivity of Himachal Pradesh with the national railway network and will act as a gateway to connect with the international borders towards Leh for strategic purposes.

3.9.4 Kolkata Metro Projects:

3.9.4.1 Indian Railways transferred the works of four major projects for extension of Kolkata Metro to RVNL in March 2010 viz.

• Joka-BBD Bag via Majerhat (16.72 km)

• Dum Dum Airport-New Garia via Rajarhat (32 km)

• Baranagar-Barrackpore& Dakshineswar (14.5 km)

• Noapara (Ex.)-Baranagar (2.6 km)

3.9.4.2 Thereon RVNL was entrusted to build Metro corridors of about 65 km in Kolkata without any survey of underground utilities and without any DPR (Detailed Project Report). The issues like removal of encroachments and relocation of utilities along with delay in availability of traffic diversion have affected the execution. RVNL has taken all possible action for implementation and early commissioning of Metro projects for larger interest of people of Kolkata.

3.9.4.3 The foundation stone for Joka-BBD Bag project was laid by Her Excellency, President of India on 22.01.2010. Subsequently, 2 packages for viaduct and 2 packages for stations were awarded in December 2010 and April 2012 respectively. This entire Metro corridor has been planned in 3 phases i.e. in 1st phase from Joka to Majerhat elevated section and in the 2nd phase from Majerhat to Mominpur, in 3rd phase from Mominrur to Esplanade station as underground section. Originally sanctioned as elevated section but Material Modification is sanctioned by Ministry of Railways for underground system from Mominpore to Esplanade. For construction of Mominpur station, working permission from Army HQ has been received only on 20.03.2023 and work going on full swing.

3.9.4.4 Joka - Esplanade Metro Corridor

In the Metro corridor from Joka to Majerhat, from Joka to Taratala (Phase-I) 6.50 km has been inaugurated by Hon'ble Prime Minister on 30.12.2022 & commercial services started by Metro Railway on 02.01.2023. Another phase of 1.25 km from Taratala to Majerhat has been inaugurated by Hon'ble Prime Minister on 06.03.2024 & commercial services started by Metro Railway has been commenced from 15.03.2024. The station over yard at Majerhat is on three layers. Beyond Majerhat, the Joka to Majerhat Metro Corridor is being extended upto Esplanade going underground from Mominpore ramp. The Works contract for the underground section has been awarded and the works of underground portion has been started. Working permission has accorded after Hon'ble High Court/ Kolkata's clearance for execution in Defence land in the Maidan area for the public interest of Kolkata. The NOC from Victoria Memorial Trust has been received recently to go ahead with underground station near Victoria Memorial.

Since this Metro stretch is a standalone system, a Maintenance Depot has been developed in Joka and Ph-I part is under operation. Earlier, due to non-availability of land (24.48 hectare), the tender for the depot was discharged twice, once in February 2013 and again on October 2017. Thus, the commissioning is planned in 3 phases i.e (a)Ph-I-Joka-Taratala, (b)Ph-II- Taratala-Majerhat, (c) Ph-III- Majerhat- Esplanade. After starting of commercial services of 1st & 2nd phase commissioning the outskirt population of Kolkata has been connected to Kolkata which is a great relief for the people residing away from Kolkata but normally come to Kolkata on daily basis doing a tough journey every day. Presently land for construction of cut and cover between Mominpur station and Khidirpore station and land for Khidirpore station is not made available by Kolkata Armed Police and Nepal Consulate at Kolkata.

3.9.4.5 New Garia-Airport Metro Corridor

In the section of New Garia to Rabindra Tirtha of Dum Dum Airport-New Garia project, initially 4 packages of Viaduct were awarded on 21.10.2011. About 20 km viaduct has been completed. The contracts for 21 stations (3 packages) were awarded on 05.03.2014. Out of 21 stations, station land for Technopolis Metro station is now handed over. The project got delayed because of issues relating to land acquisition, traffic diversion, utility diversion and other permission over busy EM Bypass road. Further, change of alignment proposed by State Government where unauthorized buildings were constructed even after the Gazette Notification for Metro construction, and other impediments like shifting of markets, traffic guard, raising of 220 kV overhead line, removal of encroachments, etc. slowed down the progress of work. Substantial part of these impediments have been either removed and the balance are on the way of being removed. The alignment from City Centre- II to Airport is now approved by State Government after long persuasion and contract for construction of Metro beyond Titumir to Airport has been awarded on 18.01.2021, the work is under progress. In this section the commissioning was planned in 3 phases phases earlier i.e (a)Ph-I-New Garia-Hemanta Mukhopadhyay, (b)Ph-II- Hemanta Mukhopadhyay to Salt Lake Sector-V and (c) Ph-III- Salt Lake Sector-V to Airport. Due to unavailable work front in various stretches of the corridor and considering commissioning point of view the phases were revised i.e. (a)Ph-I-New Garia-Hemanta Mukhopadhyay, (b)Ph-II- Hemanta Mukhopadhyay to Beleghata, (c) Ph-III Beleghata to Salt Lake Sector-V and (d) Ph-IV- Salt Lake Sector-V to City Centre 2 and (e)Ph-V City Centre 2 to Airport.

Now in present scenario, (a) Ph-I-New Garia- Hemanta Mukhopadhyay (5.4 km)commercial run has been started from 15.03.2024 after being dedicated to the nation by the Hon'ble Prime Minister on 06.03.2024, (b) Ph-II-Hemanta Mukhopadhyay to Beleghata (4.46 km) CCRS Inspection has been conducted on 28.03.2024 & 29.03.2024, (c) Ph-III Beleghata to Salt Lake

Sector-V was planned for commission in Dec'2024, however due to non-availability of traffic diversion block between Belaghata to Gour Kishore Ghosh stations, work of launching of viaduct is held up since Feb 2025. It will take 5-6 months to complete the remaining work once the traffic diversion is allowed by Kolkata Police and Bidhan Nagar Police. Balance 02 phase i.e. (d) Ph-IV- Salt Lake Sector-V to City Centre 2 has been planned for commission in Dec'2025 and (e)Ph-V City Centre 2 to Airport are planned for commission upto Mar'2026.

3.9.4.6 Noapara - Baranagar - Dakshineswar Metro

For Baranagar-Barrackpore & Dakshineswar and Noapara-Baranagar, the work was planned in 2 phases i.e. the first phase being Noapara-Baranagar-Dakshineswar and in the second phase, from Baranagar- Barrackpore. The first phase, i.e. from Noapara to Dakshineswar, the Metro corridor has been inaugurated and dedicated to the Nation by Hon'ble Prime Minister on 22.02.2021 for public use.

For the second phase of this Metro corridor, i.e. Baranagar-Barrackpore, a MoU was signed between State Government, Metro Railway and RVNL in October 2011. Original sanctioned alignment via B.T. Road was not agreed by State Govt. despite signing of the MoU in Oct' 2011 for closing of 2 pipelines and even after completion of new pipeline work of 64" dia by State Govt. Repeated observations raised by KMC have been complied by RVNL. However, technical approval/NOC from State Govt. is still awaited.

3.9.4.7 Phase Commissioning of Metro Project:

(i) Noarpara - Baranagar - Dakshineswar: The project has been inaugurated by Hon'ble PM on 22.02.2021 and Commercial Operation of train service started w.e.f. 23.02.2021.

(ii) Joka-Taratala in Joka - Esplanade Metro Corridor: 9.0 km of continuous stretch from Joka Depot has been completed. Major structures and stations have been completed at Joka, Thakurpukur, Shaker Bazar, Behala Chowrasta, Behala Bazaar, Taratala. The first phase i.e. Joka to Taratala of Joka-Esplanade Section has been inaugurated by Hon'ble Prime Minister on 30.12.2022 and commissioned on the same day.

(iii) Taratala-Maierhat Joka - Esplanade Metro Corridor: 2nd phase of 1.25 km has been inaugurated by Hon'ble PM on 06.03.2024 and Commercial Operation of train service started w.e.f. 15.03.2024.

(iv) New Garia-Hemanta Mukhopadhvav in New Garia-Airport corridor: 5.4 km has been inaugurated by Hon'ble PM on 06.03.2024 and Commercial Operation of train service started w.e.f. 15.03.2024.

(v) Hemanta Mukhopadhvav to Beleghata in New Garia-Airport corridor: 4.4 km of stretch towards Beleghata from Hemanta Mukhopadhyay, CRS inspection has been conducted on 28.04.2024 & 29.04.2024, authorization is received on 12.06.2024.

3.10 Accidents

During 2024-25, no accident was reported from any of the project sites of RVNL.

3.11 ADB funded projects:

The first ADB loan (IND-1981) sanctioned for "Railway Sector Improvement" was closed on 31.12.2011. A 2nd ADB Loan has been sanctioned for funding of 5 projects, namely:

• Raipur-Titlagarh doubling

• Sambalpur-Titlagarh doubling

• Hospet-Tinaighat doubling

• Daund-Gulbarga doubling

• Pune-Guntakal Railway Electrification

The funding by ADB requires compliance of various loan covenants on resettlement and rehabilitation of project affected persons, procurement of works and stores following international competitive bidding and implementation of plans for mitigation of social and environmental impact norms. A Multi Tranche Financing Facility of $ 500 million has been agreed to by ADB. The loan agreement for first Tranche (Loan No. 2793- IND) of this MFF for an amount of $ 150 million was signed in July 2012 and the loan agreement for second Tranche (Loan No. 3108-IND) of this MFF for an amount of $ 130 million was signed in February 2014, the loan was closed on 20.12.2019. Project Agreement & Loan Agreement against ADB loan No. 3623-IND (Railway Sector Investment Program- Tranche III) for an amount of $ 130 million have been signed on 16.3.2018 and made effective on 07.06.2018. The loan was fully disbursed on 29th October 2021 and the loan account was closed effective on 2nd December 2021. Project Completion Report (PCR) submitted to ADB and loan is fully closed.

3.12 Contracting:

As the size of projects being executed by RVNL is quite large, to ensure fast award and execution of projects, RVNL invites tenders consisting of multiple packages. Each tender may consist of upto 3 contract packages. This approach has a number of advantages such as:

a) Multiple contracts can be awarded through one tender which saves time and effort in invitation and finalization of tenders.

b) Both small and large agencies can compete for any contract package which increases competition.

c) Large agencies who are capable of executing big contracts can quote for multiple packages to achieve economy of scale and pass on the benefit to RVNL by quoting discounts in case of award of more than one package.

d) Smaller agencies, which would not be eligible to quote if the tender for the project was floated in a single package, are now able to compete in any of the contract packages individually as they may meet the qualification requirements of individual packages which are of comparatively smaller value.

During 2024-25, contracts worth approximately Rs. 5520.32 Cr. were awarded.

The following major contracts were awarded by the Company during the year:

Construction of Tunnel T1 from Chainage km 33+160 To km 34+400 And Tunnel 2 from Chainage km 57+400 to km 66+040 with Ballast Less Track and Works Related to Formation on Approaches of such Tunnels in connection with Construction of Electrified New BG Railway Line Between Mangliyagaon (Indore) to Budni Stations (198 kms) of Ratlam Division and Bhopal Division of Western Railway and West Central Railway respectively in Madhya Pradesh State, India. (Rs. 872.70 Crore)

Design, Supply, Installation, Testing and Commissioning of Broad Gauge Ballastless Track (BLT), Supply of Ballast and Installation of Track (Excluding Supply of Rails and Track Sleepers) between Chainage 6+015 (Fls) To 125+200 (Fls) in connection with New BG Line between Rishikesh and Karanprayag (125 km) in the State of Uttarakhand, India. (Rs. 750.83 Crore)

Construction for Tunnels & Formation works for Military sidings & approach in Karanprayag yard in connection with new BG line between Rishikesh and Karanprayag (125 km) in the state of Uttarakhand, India. (Rs. 611.05 Crore)

Package-1A: Construction of Roadbed, Minor Bridges, Buildings, Installation of Track (Excluding Supply of Rails, Sleeper & Thick Web Switches), And Other Civil Engineering And General Electrical Works In Connection With New Bg Railway Line Between Mangliyagaon-Kheri (Incl) Stations (Chainages 0.000 - 57.400 km) In Indore-Budni Section of Ratlam And Bhopal Divisions Of Western Railway And West Central Railway Respectively In Madhya Pradesh State, India (Rs. 436.73 Crore)

Package IIIB Construction of Road Bed, Major Bridges, Minor Bridges, ROBs, RUBs, including road approaches, Station Buildings, Staff Qtrs, Other Service Buildings, HL Platforms, COPs, FOBs, General electrical work and other works related to construction of Yavatmal- Nanded New BG Line from km: 190 to km: 207 of Central Railway in Maharashtra State including construction of three tunnels: T3 (370 m), T4 (440 m) & T5 (2630 m) with BLT in tunnels. (Rs. 423.10 Crore)

Construction of Roadbed, Major and Minor Bridges and Track Linking (excluding Supply of Rails and Sleepers); S&T; OHE & General Electrical Works in connection with Extension of MMTS phase-II from Ghatkesar (km. 213.840) (including) to Wangapalli (km. 252.300) (including) on Secunderabad- Kazipet section in Secunderabad Division of South Central Railway, Telangana State, India. (Rs. 416.75crore)

Package IIIB Construction of Road Bed, Major Bridges, Minor Bridges, ROBs, RUBs, including Road Approaches, Station Buildings, Staff Qtrs, Other Service Buildings, HL Platforms, COPs, FOBs, General Electrical Work and other works related to Construction of Yavatmal-Nanded New BG Line from km: 190 to km: 207 of Central Railway in Maharashtra State including construction of three tunnels: T3 (370 m), T4 (440 m) & T5 (2630 m) with BLT in tunnels. (Rs. 313.55 crore)

Package-2: Design, Supply, Erection, Testing and Commissioning of 220 kV, 3-Phase D/C transmission line (14.3 km) from Raigarh (PGCIL GSS ) to Raigarh TSS, Raigarh TSS to Kharsia TSS (33 km), Kharsia TSS to Champa TSS (52 km), Champa TSS to Gevra RD TSS (45 km), Champa TSS to Bilaspur Bus Coupler (74 km); Extension of 220 kV bay at Raigarh (PGCIL); LILO 3 Nos at Champa, Kharsia & Raigarh along with associated works in connection with Direct Power Supply from Central Generating Agencies over South East Central Railway, Bilaspur, Chhattisgarh (India). (Rs. 245.95 crore)

Package-1: Design, Supply, Erection, Testing and Commissioning of 220 kV, 3-Phase D/C transmission line (7 km) from Bhatapara (PGCIL GSS ) to Bhatapara TSS, Bhatapara TSS to Bilaspur Bus Coupler(45 km), Bilaspur Bus Coupler to Belghana TSS (55 km), Bilaspur Bus Coupler to Bilaspur TSS (6 km), and Bhatapara TSS to Urkura Bus Coupler(65 km); Extension of 220 kV bay at Bhatapara (PGCIL); LILO 1 No. at Bhatapara TSS and Bus Coupler 1 No at Bilaspur along with associated works in connection with Direct Power Supply from Central Generating Agencies over South East Central Railway, Bilaspur, Chhattisgarh (India). (Rs. 194.34 crore)

Package-3: Design, Supply, Erection, Testing and Commissioning of 220 kV, 3-Phase D/C transmission line (12 km) from Kumhari (PGCIL GSS) to Bhilai TSS, Bhilai TSS to Rajnandgaon TSS (55 km), Rajnandgaon TSS to Paniajob TSS (45 km), Bhilai TSS to Urkura Bus Coupler (35 km) and Urkura Bus Coupler to Urkura TSS (5 km); Extension of 220 kV bay at Kumhari

(PGCIL); LILO 2 Nos at Bhilai & Rajnandgaon and Bus Coupler 1 No at Urkura along with associated works in connection with Direct Power Supply from Central Generating Agencies over South East Central Railway, Bilaspur, Chhattisgarh (India). (Rs.194.04 crore)

Package-iii: Construction of Major Bridges & Road Under Bridges for electrified new BG Railway line (pkg-3) between Khategaon (incl) - Budni stations (chainage 110.000 to 198.000 km) in Bhopal Division of West Central Railway in Madhya Pradesh State, India. (Rs. 175.19 crore)

Package-AAI Subway: Construction of AAI Subway/Underpass across VIP Road from Airport Operational Area to AAI Residential Colony at NSCBI Airport, Kolkata passing below the Metro Ramp structure of New Garia-Airport Metro Corridor, West Bengal. (Rs.154.21 crore)

Package 2: Provision of Automatic Block Signaling System with dual MSDAC and alteration in existing EI/PI/Stations in the section of Kaluparaghat (Excluding KAPG Yard) - Golanthra over Khurda Road Division of East Coast Railway. (Rs. 77.24 crore)

Package 1: Provision of Automatic Block Signaling System with dual MSDAC and alteration in existing EI/PI/Stations in the section of Jakhapura-Nergundi & Khurda Road-Kaluparaghat (including KAPG yard) over Khurda Road Division of East Coast Railway. (Rs. 76.41 crore)

Mechanized Installation and linking of BG railway track, P.way material supply, Track Ballast Supply, Mobile Flash Butt Welding of joints and all other associated P-way works (excluding supply of rails, PSC sleepers) in section between Bhanupali (Ch 0.00) to Paharpur (Ch 24.00) in connection with Bhanupali-Bilaspur-Beri New Railway Line in District Rupnagar of Punjab and Bilaspur of Himachal Pradesh States, India. (Rs. 74.65 crore)

Complete Interior Fit out works includuing Flooring, Wall and Ceiling Finishes, Partitioning, Civil, Furniture, Furnishing, Electrical, HVAC, MEP, Fire Fighting, IT and Audio-Visual Works etc. of RVNL office space at WTC Narouji Nagar, New Delhi through Special Limited Tender. (Rs. 49.97 crore) Design, Supply (except Galvanized Steel Structures and all type of Conductors-Feeder

Wire, AEC, BEC), Erection, Testing and Commissioning for upgradation of Electric traction system from 1 x 25 kV to 2 x 25 kV traction system under jurisdiction of Chaibasa depot of Rajkharsawan- Nayagarh-Bolani section of Chakradharpur division of South Eastern Railway to meet 3000 MT loading target. (Rs. 39.12 crore)

Design, Supply (except Galvanized Steel Structures and all type of Conductors-Feeder Wire, AEC, BEC), Erection, Testing and Commissioning for upgradation of Electric traction system from 1 x 25 kV to 2 x 25 kV traction system under jurisdiction of Banspani depot and Dongaposi Depot of Rajkharsawan- Nayagarh- Bolani section of Chakradharpur division of South Eastern Railway to meet 3000 MT loading target. (Rs. 38.71 crore)

Providing Rockfall Barriers and Slope Protection Works at different locations in connection with Barkhera - Budni 3rd Line Project on Bhopal Division of West Central Railway in Madhya Pradesh State, India. (Rs. 40.13 crore)

Besides these Works Contract, FLS, DD&PMC and PMC contracts on nomination basis for Rs. 32.99 crore have also been awarded during 2024-25.

4. Project Planning & Development

4.1 Public Private Partnership (PPP) in Indian Railway Connectivity Projects

Detailed Status of SPVs

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, five Special Purpose Vehicles (SPVs) as Joint Ventures (JVs) have been created. RVNL has a minimum equity participation of 26 percent in each one of these SPVs.

Through these SPVs, RVNL has been able to mobilize a cumulative investment of Rs. 10752.67 Cr. out of which Rs. 3873.11 Cr. is equity and Rs. 6879.56 Cr. is debt. RVNL itself has invested a total of Rs. 1520.65 Cr. as equity in these 5 SPVs, which is approximately 14.14% of their gross total investment (refer to table below).

Details of Equity & Debt of RVNL's SPVs (2024-25) as on 31.03.2025

*Note: The cost of GC was Rs. 550 Cr. Subsequently, the Doubling and Electrification works were executed with a cost of Rs. 3153.70 Cr. (Doubling) & Rs. 755 Cr. (RE) respectively

a) Kutch Railway Company Limited (KRCL)

Equity Participants

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

b) Bharuch Dahej Railway Company Limited (BDRCL)

Equity Participants

c) Krishnapatnam Railway Company Limited (KRCL)

Equity Participants

Commercial Operations Date (COD)

a. Venkatachalem - Nidiguntapalem - 01.10.2008

b. Nidiguntapalem - Krishnapatnam - 28.02.2009

c. Doubling of 21 km line from VKT to KAPT - 02.03.2014

d. The complete connectivity was commissioned in June 2019

d) Haridaspur Paradip Railway Company Limited (HPRCL)

Equity Participants

e) Angul Sukinda Railway Limited (ASRL)

4.2 Rail Vikas Nigam limited (RVNL) has started participating in Metro, Highways and other Infrastructure sectors through competitive bidding. Therefore, New SPVs in other sector have been incorporated to undertake such projects.

The details of new JVs/SPVs incorporated are as follows:

Details of Equity of RVNL's new SPVs/JVs (as on 31.03.2025)

a) Shimla Bypass Kaithlighat Shakral Pvt. Ltd. (SBKSPL)

The Government of India had entrusted to the Authority (NHAI) the development, maintenance and management of Greenfield alignment of National Highway No 5-including the section from km 128.835 to km 146.300 (approx. 17.465 km). The Authority had resolved to Construction of 4 Laning of NH-5 from Kaithlighat to Shakral Village for Design Length 17.465 km in the State of Himachal Pradesh by Four-Laning thereof on design, build, operate and transfer (the "DBOT Annuity" or "Hybrid Annuity") basis, which shall be partly financed by the Concessionaire who shall recover its investment and costs through payments to be made by the Authority.

The Consortium has been promoted and incorporated the Concessionaire as a limited liability company under the Companies Act 2013 named Shimla Bypass Kaithlighat Shakral Pvt. Ltd. by Rail Vikas Nigam Ltd. and M/s S P Singla Constructions Pvt. Ltd as its lead members for the execution of the project.

b) Chennai MMLP Pvt. Ltd.

• Multi Modal Logistics Park is an integrated facility within which all activities relating to logistics and the distribution of goods, both for national and international transit can be carried out across multiple modes of transport. MMLPs also benefit from economies of scale, by creating shared infrastructure and due to availability of more options for selection of competitive and reliable logistics providers

• MMLP at Chennai is being developed at Mappedu (Thiruvallur district) in 184.27 Acres of Area. The site is strategically located, at approximately 52 kms from Chennai Port, 80 kms from Ennore Port and 87 Kms from Kattupalli Port. Chennai Airport is located at approximately 44 kms from the site.

• The estimated total project cost is INR 1424 Cr. The Project is proposed to be developed in PPP mode where in a Developer will be appointed with a Concession Period of 45 years for developing and operating the MMLP with an estimated cost of INR 783 Cr.

• SFC appraisal was held on 09.05.2022 and subsequently MoRTH has approved the project on 06.06.2022. Hon'ble Prime Minister also laid the Foundation Stone of the project on 26.05.2022.

• A Govt. SPV formed amongst National Highways Logistics Management Limited, Rail Vikas Nigam Limited, Chennai Port Authority & Tamil Nadu Industrial Development Corporation will provide land for the MMLP, external road and rail connectivity, power supply etc.,

c) Bengaluru MMLP Pvt. Ltd.

Bengaluru's Multi Modal Logistics Park (MMLP) awarded and set to span across 400 acres in Bengaluru rural district.

MMLP is a key policy initiative of the Government to improve the country's freight logistics sector by lowering overall freight costs and time, cutting warehousing costs, reducing vehicular pollution and congestion, improving the tracking and traceability of consignments through infrastructural, procedural, and information technology interventions.

MMLP at Bengaluru is being developed in an area of 400 acres at Muddelinganahalli in Bengaluru rural district in Karnataka. The site is strategically located, adjacent to the upcoming KIADB industrial area on East side, abutting the NH 648, Dabbaspet to Hosur as well as Satellite Town Ring Road on North side and Bengaluru - Hubli - Mumbai rail line on South side. The site is 58 Kms from Bengaluru International Airport and 48 Kms from Bengaluru city railway station.

A government SPV formed between National Highways Logistics Management Limited (NHLML), Rail Vikas Nigam Limited (RVNL) and Karnataka Industrial Area Development Board (KIADB) will provide land for the MMLP, external rail, road connectivity as well as water and power supply. The MMLP is being provided with 4 lane access from four lane Dabbaspet - Hosur, NH 648 and rail siding of length 4.5 km from Dodbele Railway station on Bengaluru - Hubli- Mumbai rail line.

The MMLP will be developed in three phases. The Phase-I is expected to be completed in two years. MMLP will cater to about 30 million metric tonnes (MMT) cargo in the horizon period of 45 years and will give huge boost to the industrial zones in the catchment region such as Bengaluru and Tumkur. It will create lot of employment opportunities and bring in economic development in the region.

d) Indore MMLP Pvt. Ltd.

Indore MMLP Pvt. Ltd.has been incorporated for "Development of Multi Modal Logistics Park at Indore (Area 255.17 Acre)".

e) Chatra Expressways Pvt. Ltd.

Chatra Expressways Pvt. Ltd. has been incorporated for "Work of construction of 6-lane greenfield Varansi-Ranchi-Kolkata Highway from Sonepurbigha village to the junction with NH 22 (Chatra Bypass) near Chatra from km 184.700 to km 222.000.

f) Kyrgyzindustry-RVNL closed Joint Stock Company (CJSC)

A Closed Joint Stock Company "Kyrgyzindustry-RVNL" has been incorporated in December, 2022. RVNL is having equity investment of 4200000 soms (being 50% of total equity). A DPR has been prepared for Balykechy & Kara-Kecheline line of total cost of USD 2.3 billion.

g) Kinet Railway Solutions Ltd.

RVNL, in collaboration with its consortium partners, has signed the prestigious Manufacturing cum Maintenance Agreement of Vande Bharat Trainsets including upgradation of the Government Manufacturing Units & Trainset Depots. This project is being executed through a Special Purpose Vehicle (SPV) named Kinet Railway Solutions Limited (KRSL), jointly owned by RVNL and its consortium partners namely JCS Meterowagonmash (MWM), JSC Locomotive Electronic Systems (LES), and Rail Vikas Nigam Limited (RVNL), MWM holding a dominant share of 70%, LES contributing 5%, and RVNL owning remaining 25%. Acting as the Technology Partner, KRSL is spear heading the implementation of this visionary initiative.

Key highlights of this project include:

KRSL has been entrusted with the manufacturing of 120 Vande Bharat Trainsets at the Manufacturing Unit located in Latur, Maharashtra.

A planned maintenance regime has been devised, earmarking three designated depots - Bijwasan, Jodhpur, and Thanisandra - for the servicing and upkeep of these cutting-edge trainsets, ensuring their operational excellence for a period spanning 35 years.

Comprehensive infrastructural planning, including the provision of state-of-the-art facilities as well as machinery, has been undertaken to equip the designated depots, ensuring seamless operations and maintenance activities.

The project timeline entails the delivery of the first prototype of the Vande Bharat Trainset to the Indian Railways by September 2025, followed by second prototype by November 2025. Regular deliveries follow marking a significant milestone in the nation's pursuit of advanced railway infrastructure.

As on Date of Report, RVNL has incorporated following wholly owned Subsidiary Companies in India & abroad:

1. HSRC Infra Servies Ltd. -Incorporated on 25.07.2012 in Delhi

2. Masakani Paradeep Road Vikas Ltd.- Incorporated on 21.08.2023 in Orissa

3. RVNL Infra South Africa Incorporated on 15.01.2024 in South Africa

4. RVNL Infra Middle East- Incorporated on 04.04.2024 in Sultanate of Oman

5. RVNL Middle East Contracting L.L.C. (Dubai)- Incorporated on 26.06.2024 in Dubai

6. Rail Vikas Nigam LLC- Incorporated on 01.08.2024 in Uzbekistan

7. Rail Vikas Nigam Limited Company (One Person)- Incorporated on 18.10.2024 in Kingdom of Saudi Arabia.

8. Sabbavaram Sheelanagar Road Development Ltd.- Incorporated on 15.05.2025 in Andhra Pradesh

5. Personnel Development

Hiring of talented and experienced manpower, developing, motivating and retaining them have been the principal areas of HR for achieving the corporate objectives.

The primary focus of the organisation has been to have not only a lean and thin cadre of highly motivated, skilled and experienced manpower but also to retain these scarcely available resources by creating a conducive work environment.

HR policies are meticulously framed taking into account the short-term and long-term manpower requirements of the organisation. As RVNL is mandated to execute Railway projects for and on behalf of Ministry of Railways, persons with requisite technical expertise and domain knowledge of Railway Systems and Railway construction are required for smooth and timely completion of rail projects assigned to RVNL. The manpower is largely met by sourcing employees from Railways and other Government Departments on deputation basis. RVNL has also a regular cadre of its own created by absorbing willing employees from Railways, other Govt. Departments and PSUs. As on 31.03.2025, the on-roll strength of the company stood at 213 regular employees and 125 deputationists. Apart from absorbing Railway employees, Recruitment are being made on contract basis for various projects taken on Bidding apart from regular recruitment.

RVNL has attractive and employee- friendly policies to boost the morale and motivate the employees to perform to the best of their abilities. The perks and perquisites being paid to the employees are reviewed periodically to enhance the efficiency.

Skill development of the employees has been given special attention through in-house and customised training programmes to the employees at different levels not only relevant to their working area but also to enhance their overall capabilities so that the employees are able to adapt to the changing technology and customer needs and discharge their roles as a strategic business partner contributing in the growth of the organisation.

As a motivation to the employees, RVNL recognises the services of meritorious employees through individual/group Awards and by presenting shields and cash awards every year on the Annual Day function.

Welfare Programmes:

In line with the guidelines of the Government, the RVNL conducted many welfare programme such as arranging medical camps for Regular, Deputationists, Housekeeping & Outsource employees and their families. Women day celebration was organised on 07.03.2025 for all the women employees of the organisation.

5.1 Industrial Relations

Cordial and harmonious Industrial relations have been maintained through out the year. All efforts were made to keep the employees and their families safe during the Covid pandemic by complying with the safety protocols and guidelines.

5.2 Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.

The RVNL Conduct and Discipline Rules are in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee called “Vishaka Committee” has been set up in RVNL to redress complaints received regarding sexual harassment. All employees are covered under this policy. The following is a summary of sexual harassment complaints received and disposed of fduring the calendar year:-

i) No. of complaints received: Nil

ii) No. of complaints disposed of: Nil

5.3 Right to Information Act

The provisions of the Right to Information Act are followed diligently in letter and spirit and timely responses are given to all queries. The Company has nominated Appellate Authority, Chief Public Information Officer and Asstt. Public Information Officer at the Corporate Office and Asstt. Public Information Officer for each PIU. During the year 2024-25, 250 Applications were received and disposed off.

5.4 Rajbhasha (Official Language)

The company has been making concerted efforts to implement the directives of the Government of India on use of Rajbhasha (Official Language). The Rajbhasha Department of the Company has a Part-time Mukhya Rajbhasha Adhikari and Sr. DGM (Rajbhasha) cum Up-Mukhya Rajbhasha Adhikari. All the computers in the Corporate Office have been provided with Unicode compliant software and fonts to facilitate access to common templates in Devnagari. To encourage use of Rajbhasha, total 10 officials who use Rajbhasha in Hindi drafting notes and letters were identified from all the departments and given Late Shankar Dayal Singh Smriti Puraskar amounting to Rs. 3,000/ - each. A competition on Hindi essay writing, Hindi noting and drafting, Hindi Shabd Gyan and Quiz was organized on the occasion of Hindi Pakhwara in the month of September, 2024. Cash awards of Rs. 64,100 were distributed to 23 successful participants. The Company has also set up a reading room- cum-library in the Corporate Office with a good collection of books, newspapers and periodicals in Hindi. During 2024-25, 4 meetings of the Rajbhasha Implementation Committee of RVNL were held and promotion of Rajbhasha was discussed and reviewed. During Financial Year 2024-25, Parliamentary Committee (On Official Language) carried out inspections of Ranchi, Bhubaneswar and Chennai Units and Committee has expressed satisfaction. Hindi Chitra Varnan Pratiyogita was organized on

10.02.2025 on the directives of Delhi Nagar Rajbhasha Karyanvayan Samiti, Delhi Upkram-2, in which total 26 Officials participated, out of which 5 were awarded with cash award amounting to Rs. 7,800. During Financial Year 2024-25, Nagar Official Language Implementation Committee, Upkram-2 has provided Rajbhasha Shield to RVNL for organizing Hindi Prashn Manch Pratiyogita for member offices of Nagar OLIC

Upkram-2.

5.5 Presidential Directives:

During the year 2024-25, no presidential directive was issued.

6. Vigilance

Vigilance Department is headed by Chief Vigilance Officer (CVO). RVNL Vigilance functions with a dominant focus on preventive approach towards strengthening transparency in the systems, work procedures and accountability. Besides examining the allegations in the complaints received from various fora, it also carries out preventive checks and inspections. The findings of these investigations/inspections are communicated to the Management for suitable action including system improvements, wherever required. The compliance of corrective actions suggested against deficiencies/lapses noticed during the inspections/preventive checks are also ensured.

During the FY2024-25, focus was made to finalize/conclude the pending CVC/CTE/ Vigilance cases by vigorously pursuing the concerned authorities/RVNL field units for their comments/action taken. During the period, RVNL Vigilance also assisted in the Intensive Examination of Works by CTE/CVC conducted for two (02) works pertaining to Jhansi PIU and Metro/Kolkata PIU. Moreover, observations made during earlier CTE/CTE Type inspections were followed up and replies on paras pertaining to various CTE inspections were sent to CTE/CVC.

During the period, six (06) CTE Type checks and six (06) preventive checks were conducted by RVNL(Vigilance). Besides, comments against pending paras of CTE checks conducted in earlier years were also sent to the Commission and many paras also got closed from CVC.

DISPOSAL OF COMPLAINTS/INVESTIGATIONS:

The complaints received by Vigilance from time to time were dealt with as per procedure prescribed by CVC & DoPT. During the FY 2024-25, out of (46) complaints (other than PIDPI), all complaints were promptly disposed by RVNL vigilance. Three System improvements were suggusted which were implemented by RVNL Management.

During the FY 2024-25 approx. 505 cases of vigilance status of officers/employees were processed by RVNL Vigilance as required by HR/RVNL, Railway Board Vigilance, Zonal Railways Vigilance etc. All Vigilance status/ clearance cases were processed invariably through e-office for prompt disposal.

The status of various matters namely inspections, complaints, disciplinary cases and miscellaneous matters was regularly apprised to CVC/Railway Board through periodic quarterly and Annual Reports. The quarterly progress report of physical progress of different works being executed by RVNL was duly sent to CTEO (Office of Chief Technical Examiner under Central Vigilance Commission) for each quarter.

VIGILANCE AWARENESS WEEK:

v In a move towards inculcating the true spirit of participative vigilance, the Central Vigilance Commission had issued instructions detailing a three- month campaign period (16th August, 2024 (Friday) till 15th November, 2024 (Friday). As per CVC's advice, in the 03- months long campaign, following preventive vigilance measures were taken up as focus Areas by all the Ministries/Departments and Organizations:

a. Capacity Building programs

b. Identification and implementation of Systemic Improvement measures

c. Up-dation of Circulars/Guidelines/ Manuals

d. Disposal of complaints received before 30.06.24

e. Dynamic Digital Presence

7. Memorandum of Understanding

The Company secured a rating of “Excellent” by Department of Public Enterprises for the year 2023-24 on the basis of the achievement of the committed targets fixed in the Memorandum of Understanding signed between RVNL and Ministry of Railways. This is the fourteenth consecutive year for which the Company has been rated as “Excellent”.

During FY 2024-25, MoU includes some of the compliance parameters and their compliance status are as follows:

8. Particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo etc.

8.1 Conservation of Energy and Technology

Absorption

RVNL is conscious of the limited nature of conventional sources and the importance of using our energy resources wisely. The Company has been consistently laying emphasis on utilizing energy efficient equipment in its office premises and in various projects so as to minimally effect on the ecology and environment. Initiatives taken to create awareness about conservation of energy among employees have resulted in a steady reduction in energy consumption at Corporate Office. Various environment friendly technologies have been adopted in the Corporate Office building. Solar panels are installed at all Railway Stations and level crossings. LED lighting system also installed and wherever feasible, automatic censor based lightings are installed.

8.2 Foreign Exchange Earnings and Outgo

The Foreign Exchange Outgo during the year in terms of actual outflows as compared to previous year is mentioned below:

(Rs. In crores)

9. Risk Management

RVNL has a formal Risk Management Policy duly approved by the Board of Directors. The Policy aims to review the exposure of RVNL to various risks and the mitigation measures to be taken periodically. It also strives to increase awareness among its employees and other stakeholders about possible risks and measures to control the same.

The Company has a Risk Management Committee under the Chairmanship of Director (Operation) with all Functional Directors as members and Executive Directors as special invitees.

During the quarterly review, the committee deliberated on the key challenges/critical area of potential risk to the company and the following challenges/risks were identified:

a) Release of Funds from Himachal Pradesh Govt, Andhra Pradesh Government, Telangana & Maharashtra Government.

b) Improving website of RVNL for dissemination of information.

c) Protecting the website and related functions for Cyber Frauds.

d) Motivating the employees for new challenges e.g overseas projects.

e) Increasing Social Media in presence of RVNL & the number of followers has been increased during 2024-2025

Following initiatives have been taken based on the suggestions made by the Risk Management Committee to overcome the above challenges on pilot basis:

a) The matter is being continuously pursued with senior officials of respective State Governments. During the FY, release of Rs. 7.8 Cr. could be achieved.

b) A new website of RVNL has already been launched and also RVNL profile has been made on WIKIPEDIA.

c) Cyber Crisis Management Plan (CCMP) entails:

The Framework document for dealing with cyber-related incidents.

It has the details of persons to be contacted for a particular failure & a list of IT assets which could help with separation of infected infrastructure.

It describes the different types of Cyber crises, their possible targets & associated impacts, as well as the actions & responsibilities of stakeholders involved.

Cyber incident response coordination among Ministries/ Departments of the Central Government, its agencies & critical information infrastructure organizations to deal with cyber crisis situations.

CCMP is periodically reviewed & Security audit is also conducted regularly

10. Corporate Social Responsibility (CSR)

The key philosophy of CSR, as enshrined in the policy, is to meet the following broad objectives:

a) Implementation in project/programme mode

b) Focus on periphery of project areas of RVNL

c) Thrust areas of education and healthcare

d) Inclusive growth of society with emphasis on development of weaker sections of society and in the backward districts of the country.

The Company has constituted Corporate Social Responsibility Committee (CSR) in line with the requirements of the Companies Act, 2013 and DPE Guidelines. The details with respects to composition, CSR Policy and CSR activities undertaken by the Company during FY 2024-25 are placed as Annexure C to this report.

11. Compliance of provisions of Companies Act, 2013, SEBI (LODR) Regulations, 2015 and Secretarial Standards issued by ICSI

All the provisions of the Companies Act, 2013 and the Rules made thereunder, Secretarial Standards issued by ICSI and SEBI (LODR) Regulations, 2015 to the extent possible and applicable to the Company as well as all relevant notifications thereon issued by the Government of India, are being strictly complied with.

12. Compliance of DPE Guidelines and Policies

All the guidelines and policies including guidelines having financial implications issued by Department of Public Enterprises from time to time are duly complied with by the Company.

13. Compliance of the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012

The Government of India has notified Public Procurement policy for Micro and Small Enterprises (MSEs) Order, 2012 with effect from 1st April, 2012. As the mandate of the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order 2012, every Central Ministries/PSUs is required to set an annual target of minimum 25% procurement of goods & services from MSE Sector. Out of Total annual procurement, a sub target of 4% & 3% should be from MSEs owned by SC/ST and Women entrepreneurs respectively.

Rail Vikas Nigam Limited (RVNL) has taken several steps for effective implementation of MSE Policy. The benefits of waiver of cost of tender documents and deposit of earnest money, prescribed under the policy, are incorporated in the tenders for stores procurement and obtaining services etc.

Mrs Anupam Ban, Director (Personnel) is working as Nodal Officer and a Grievance Officer has been nominated for seamless implementation of the MSE policy in RVNL. Contact details of these officers are uploaded on RVNL website.

Annual Procurement Plan for purchase from MSEs during the year 2024-25 was made available on RVNL website for information of MSEs and to help them participate in procurement of goods and services.

In the year 2024-25, RVNL procured goods and services amounting to a total of Rs. 51.33 crores. Out of this, the total value of goods and services purchased from MSEs (Including MSEs owned by SC/ST and Women entrepreneurs) was to the tune Rs. 19.41 crores i.e. 37.81% of the total procurement. Thus, RVNL has fully complied with the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012.

As desired, the expenditure incurred by RVNL on under mentioned head of accounts for the period from 01.04.2024 to 31.03.2025 is given below:

14. Research and Development

Implementation of an Integrated IT Solution for RVNL

RVNL is utilizing a number of IT initiatives in order to automate the business processes of the organisation across employee services, office procedures, and project management and vendor billings. Among the latest systems implemented, below are noteworthy accomplishments:

RVNL is embarking on adapting Data Analytics and Artificial Intelligence technology making all our processes centralised, digitised and automated.

RVNL upgraded the data centre and shifted to RailTel. With this now our systems are running on latest hardware.

RVNL, being a Navratna Public Sector Enterprise, ensures that as per Information Technology Act, 2000, Your Company has always been at the forefront in the adoption of new technology solutions for the continual improvement in its business processes. With a vision to be a digitally empowered organization for operational excellence and stakeholder value creation, it has adopted several path-breaking technologies in its technology stack. Various IT projects that are in pipeline for implementation are Upgrading our SAP systems from ECC 6 to S4/HANA, Implementing ISO 27001/2023 which is an internationally recognised standard for information security management systems etc.

15. Directors' Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that -

a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a going concern basis.

e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

16. Directors and Key Managerial Personnel

RVNL being a Government Company, the appointment of directors on its Board are done by the Govt. of India through Administrative Ministry i.e. Ministry of Railways, from time to time.

As on date of this report, the strength of the Board of the Company comprises of Eight (8) Directors, out of which five (5) are whole-time Directors (including Chairman and Managing

Director), two (2) Government Nominee Director from Administrative Ministry i.e., Ministry of Railways (MoR) as (Part-time) (official) Directors and One (1) Independent Director. Position of six(6) Independent Directors (including one-woman Independent Director) is vacant. However, the composition of the Board of Directors was not in conformity with the provisions of the Companies Act, 2013, SEBI (LODR) Regulations,2015 and DPE Guidelines on Corporate Governance, due to absence of requisite number of Independent Directors including one Woman Independent Director on its Board.

The Company has been requesting Ministry of Railways (MoR), Government of India to appoint requisite number of Independent directors (including woman Independent Director) to ensure the compliance to the provisions of SEBI (LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Except the appointment of Independent Directors (including woman Independent Director), the composition of the Board is in compliance with Regulation 17 of SEBI (LODR) Regulations, 2015.

The following Directors held office during the year and till the date of this report-

*The Company has received declarations from the Independent Directors confirming that they meet the criteria of Independence as prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 as amended from time to time.

Woman Director & Independent Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014, a Company shall have at least one-Woman Director on the Board of the Company. Further, as per SEBI (LODR) (Amendment) Regulations, 2018, a Company shall have at least one Independent Women Director. Your Company had no Independent Woman Director on the Board of the Company since 18.09.2020. The Company has requested Ministry of Railways for appointment of Women Independent Directors in order to comply with the requirements under Regulation 17 of SEBI (LODR) Regulations 2015 and Companies Act, 2013.

Appointment/Resignations of Key Managerial Personnel's

The Board of Directors of the Company has designated all the whole-time Directors, Company Secretary, Chief Financial Officer (CFO) as the Key Managerial Personnel (KMP) of the Company; and Chairman & Managing Director (CMD) has been designated as CEO. After the close of the year, Executive Director (Finance) has been designated as CFO.

Changes (Appointment/Cessation) in Directors & Key Management Personnel's (KMP) during the year and till the date of this report is mentioned in Report on Corporate Governance.

Annual evaluation by the Board of its own performance and that of its Committees and Individual Directors-

RVNL being a Government Company is exempted vide Ministry of Corporate Affairs (MCA) General Circular No. F. No. 1/2/2014- CL. V dated 05.06.2015 to comply with the provisions of Sec 134(3)(e) and Sec 134(3)(p) with respect to Annual evaluation by the Board of its own performance and that of its Committees and Individual Directors and Section 178(2) which requires performance evaluation of every director by the Nomination & Remuneration Committee. In case of RVNL, the performance evaluation of Directors is done by the Ministry of Railways as per their laid down procedure. Further, DPE, through our Administrative Ministry (MOR) has started the exercise of performance evaluation/ assessment of non- official (Independent) Directors on the Board of the Company.

Retirement of Directors by Rotation

The Companies Act, 2013 provides that the provisions in respect of retirement of Directors by rotation will not be applicable to Independent Directors. In view of this, no Independent Director is considered to be retiring by rotation; however, all other directors are considered to be retiring by rotation. Accordingly, as per provisions of section 152 of Companies Act, 2013, one third among all other directors namely Shri Pradeep Gaur, (DIN: 07243986), Chairman & Managing Director, being longest in office, are liable to retire by rotation and being eligible, offer himself for re-appointment. The details of Director seeking re-appointment at the ensuing AGM are contained in the Notice convening the ensuing AGM of the Company.

Meetings of the Board of Directors and Other Committees of the Board and their Composition

Pursuant to the Companies Act, 2013 and Rules framed there under, Seven (7) Board Meetings were held in the FY 2024-25. The details of the Meetings are in the Corporate Governance Report forming part of this report. Your Company has Audit Committee, CSR Committee, and other Committees of the Board in place in compliance to Compliance Act, 2013 and SEBI (LODR) Regulations. The Composition and scope of the Committees are provided in the report of Corporate Governance, forming part of this report in Annexure-B. Further, there has been no instance where the Board of Directors have not accepted the recommendation of Audit Committee.

A Statement regarding Opinion of the Board with regard to Integrity, Expertise and Experience (including the Proficiency) of the Independent Directors appointed during the year

The Independent directors appointed on the Board of the Company are eminent personalities drawn from fields like Science, Finance, management, industry etc. having wide experience. Upon induction on the Board of the Company, the Independent directors are familiarized with profile of the Company, its business, industry scenario, operations, organizational structure, statutory & regulatory responsibilities through familiarization programme. During the Financial year 2024-25, no Independent Director on the board of Rail Vikas Nigam Limited (RVNL) has resigned from the post of Independent Director. However, the present Independent Director has wide experience in the field of Taxation and has contributed towards the growth of the Company. In the opinion of the Board, the Independent Director fulfils the conditions specified in the Listing Regulations and are independent of the management.

However, the composition of the Board of Directors was not in conformity with the provisions of the Companies Act, 2013, SEBI LODR Regulations and DPE Guidelines on Corporate Governance, due to absence of requisite number of Independent Directors (including One-Woman Independent Director) on its Board. The Company has been requesting Ministry of Railways (MoR), Government of India to appoint requisite number of Independent directors (including one-woman Independent Director) to ensure the compliance to the provisions of SEBI (LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Except the appointment of Independent Directors (including one-woman Independent Director), the composition of the Board is in compliance with Regulation 17 of SEBI (LODR) Regulations, 2015.

17. Auditors Statutory Auditor

The Comptroller & Auditor General of India has appointed M/s. Gandhi Minocha &Co., Chartered Accountants as Statutory Auditors of the Company for the year ended 31 March, 2025. The Board would like to thank them for their valuable support and guidance during the audit of accounts under review.

Secretarial Auditor

The Board of Directors has appointed M/s Kumar Naresh Sinha & Associates, Practicing Company Secretary to conduct the Secretarial Audit for financial year 2024-25. The Secretarial Audit Report is annexed and forms part of this Annual Report in Annexure E.

18. Reporting of Frauds by Auditors

During the year, neither the Statutory Auditor nor the Secretarial Auditor have reported to the Audit Committee under Section 143(2) of the Companies Act, 2013, any instance of fraud committed against the Company by its officers or employees.

19. Comments of Comptroller & Auditor General (C&AG) of India

The Comptroller & Auditor General of India has undertaken supplementary audit on the accounts of the Company for the year ended 31 March, 2025 under Section 139(5) of the Companies Act, 2013. The comments of the C&AG on the Annual Accounts of the Company for the year ended 31 March, 2025 are yet to be received by the company.

20. Details of Significant and Material Orders passed by the Regulators or Courts or Tribunals impacting the Going Concern Status and Company's Operations in Future.

No Significant and Material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company's operations in future during the year under review

21. Particulars of Employees and Related Disclosures

The provisions of Section 134(3)(e) of the Companies Act, 2013 are not applicable to a Government Company. Similarly, Section 197 of the Companies Act, 2013 shall not apply to a Government Company. Consequently, there is no requirement of disclosure of the ratio of the remuneration of each Director to the median employee's remuneration and other such details, including the statement showing the names and other particulars of every employee of the Company, who, if employed throughout/part of the financial year, was in receipt of remuneration in excess of the limits set out in the Rules.

22. Material Changes and Commitments affecting Financial position between the end of the Financial Year and Date of Report

There are no material changes and commitments affecting financial position of the Company which occurred between 01.04.2024 to 31.03.2025 and date of signing of this Report.

23. Cost Records

The Board of Directors has appointed M/s. R. M. Bansal & Co., Cost Accountants to conduct the Cost Audit for financial year 2024-25.

24. Difference in amount of the Valuation

There was no such instance of either settlement or loan from Bank or Financial Institution during the year under review.

25. General

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the year under review:

Details relating to deposits covered under Chapter V of the Companies Act 2013.

Issue of equity shares with differential rights as to dividend, voting or otherwise.

There has been no change in the nature of business of the Company.

26. Corporate Insolvency Resolution Process initiated under the Insolvency and Bankruptcy Code, 2016

The Company has no information to disclose under above.

27. Failure to implement any Corporate Action

The Company has implemented all Corporate Actions successfully within prescribed timelines. Therefore, the Company has nothing to report.

28. Acknowledgements

Your Directors also take this opportunity to gratefully acknowledge the co-operation, guidance, and support in effective management of company's affairs and resources provided by Government of India, in particular Ministry of Railways (MoR), Ministry of Finance, Department of Public Enterprises, various banks, Asian Development Bank, the Zonal Railways, IRFC and our equity partners in Joint Venture/SPVs for their continued interest and support to the Company. Your Directors would like to express their thanks for the devotion, commitment and dedication of each and every employee of the Company due to which your Company could face the new challenges and opportunities and create a niche for itself as a major provider of rail infrastructure in the country. Your Directors also acknowledge the support and guidance received from officials of Comptroller & Auditor General of India, Statutory Auditors, Cost Auditors and Secretarial Auditors for their suggestions. Last but not the least, the Directors would like to express their deep appreciation and gratitude towards all their predecessors who have been associated with RVNL, for their valuable contribution to the growth and development of the Company in attainment of the Company's aim and goals in all the spheres.