India-based Rail Vikas Nigam (RVNL), in association with Kyrgyzindustry – Open Joint Stock Company (OJSC), has established a joint venture (JV) company in the Kyrgyz Republic.

Named Kyrgyzindustry-RVNL, the new JV will engage in the construction of rail road and other infrastructure projects in the country.

RVNL owns a 50% interest in the new Closed Joint Stock Company (CJSC), while the remaining 50% stake will be held by Kyrgyzindustry – OJSC.

RVNL stated that ‘the nominal value of one share is 1,00,000 soms and a class of shared comes under ordinary’.

Last year in September, RVNL secured a $51.61m (Rs3.82bn) contract from Madhya Pradesh Metro Rail Corporation Limited (MPMRCL) for the Indore Metro Rail Project.

Under the contract, RVNL was tasked with the design and construction of seven elevated metro rail stations, as well as electrical and mechanical (E&M) works.

In March last year, the Indian Government unveiled plans to offload a 15% stake in RVNL with an aim to rake in around $103m (Rs7.5bn).

The issue is open for non-retail and retail investors.

RVNL, a fully owned public sector undertaking (PSU) of the Indian Ministry of Railways, commenced operations in 2005 and secured Miniratna status in September 2013.

The company undertakes and executes project development, financing, and implementation of projects related to rail infrastructure.

It will mainly focus on the ‘sustainable development and environment-friendly construction practices of rail-related projects in the country​’.