NEW DELHI (Metro Rail News): On June 20, 2023, Rail Vikas Nigam Limited (RVNL), which has a joint venture with Russian rolling stock giant TMH for the production of 120 Vande Bharat trains at Latur, said that the JV is still in place and that the necessary bank guarantee will be deposited following that.
This is the first sleeper coach for the Vande Bharat Project that will be used on Rajdhani routes.
In response to reports that the Railways may be forced to re-issue the tender after discharging the earlier one due to the dispute between TMH and RVNL over the issue of majority stakes, RVNL has clarified in its latest filing to the Bombay Stock Exchange (BSE) that it is “factually incorrect.”
The Railways also insisted that TMH and RVNL must resolve their shareholding conflict by September, adding that there is still time to deposit the bank guarantee. The Railways must receive a bank guarantee of Rs 200 crore.
A senior Railway Ministry official involved in the Vande Bharat tendering process stated, “As of now, there is no such move to re-issue the tender again.”
As the joint venture submitted the lowest offer for producing 120 Vande Bharat trains with sleeper accommodations, TMH-RVNL bagged the project for close to Rs 40,000 crore.
The Russian ambassador met with Railway Minister Ashwini Vaishnaw to diffuse the situation. Additionally, the Russian Embassy’s Trade Commissioner sent a letter clarifying the terms and conditions of the joint venture project to the relevant authorities.
The report regarding the recently disclosed joint venture between RVNL and TMH is false. No party has terminated the MoU between both sides (RVNL and TMH). Hence it is still in effect, according to RVNL’s notification to the BSE.
The details of the MoU are currently the subject of additional discussion. Any modifications to the terms of the agreement must be communicated to the exchange by the company.
