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HomeNewsInfrastructure NewsRail Vikas Nigam enters into MoU with Kyrgyzindustry

Rail Vikas Nigam enters into MoU with Kyrgyzindustry

The Miniratna firm has entered an agreement with Kyrgyzindustry - Open Joint Stock Company to form the JV, the statement from Rail Vikas Nigam said on Saturday.

Rail Vikas Nigam has informed the stock exchanges that the Miniratna company has formed a joint venture company with Kyrgyzindustry-OJSC to construct rail road and other infrastructure projects in Kyrgyz Republic.

However, the cost of outlay for the project was not mentioned in the company statement. “The Miniratna firm has entered an agreement with Kyrgyzindustry — Open Joint Stock Company to form the JV,” read a statement from Rail Vikas Nigam on Saturday.

Rail Vikas Nigam said the purpose of entering into the agreement is to construct a rail road and implement other infrastructure projects in the Kyrgyz Republic.

According to the statement, Rail Vikas Nigam would have 50 per cent shareholding and the other 50 per cent would be held by Kyrgyzindustry-OJSC.

According to Bombay Stock Exchange (BSE), the shares of the Miniratna firm surged more than 31 per cent to Rs 67.15 apiece in just one month.

The shares of the firm moved more than 36 per cent in the past six months.

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