Patel Engineering Limited announced that it has signed a Memorandum of Understanding (MoU) with Rail Vikas Nigam Limited (RVNL) a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways, Government of India. The MoU marks the beginning of a strategic partnership aimed at jointly executing projects in the field of hydro and other infrastructure projects both within India and internationally, the company said in a regulatory filing.
Through this agreement, the two companies will leverage each other’s strengths and capabilities in pursuing hydro and other infrastructure projects. Under this MOU, both parties will explore opportunities to work together in various capacities.
Per the company, key highlights of the MoU include:
Joint Project Execution: Patel Engineering and RVNL will collaborate on certain identified hydro and other infrastructure projects as opportunities arise. This partnership will combine the company’s extensive infrastructure experience with RVNL’s expertise in rail and transport infrastructure.
Flexible Collaboration Models: The parties have the flexibility to participate in tenders and project bids either jointly or separately. When bidding together, both entities will align on the bidding strategy, structure, and terms of the collaboration, ensuring a unified approach to project execution.
Focused Efforts for Synergies: The MoU emphasizes creating an enabling framework to achieve synergies in hydro and other infrastructure domains, reflecting a shared commitment to high standards of project delivery and excellence.
“The signing of this MOU signifies a milestone in the collaborative efforts between a private and a public sector to advance infrastructure development in India and beyond. The company is dedicated to exploring and capitalizing on opportunities that align with its strategic objectives and contribute to sustainable infrastructure growth,” Patel Engineering said in a statement.
From: financialexpress
Financial News
