The Directors are pleased to present the 20^th Annual Report and Audited Financial Statements for the Financial Year ended 31^st March, 2023 together with the reports of Statutory Auditors and Comptroller & Auditor General of India thereon.

1. Financial Performance Highlights

The key highlights of the financial performance of the company during F.Y. 2022-23 along with the corresponding performance in F.Y. 2021-22 are mentioned below (rounded to nearest rupees/crore):

* Includes final dividend amounting to Rs 75.06 crore @ Rs 0.36 per fully paid equity share recommended by the Board of Directors

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.

Offer for Sale (OFS)/Employee OFS :

In compliance with Department of Investment and Public Asset Management (DIPAM), no Disinvestment of equity shares were done by the President of India acting through Ministry of Railways through OFS during the FY 2022-23.

After the close of the year, Govt. of India has disinvested 5.36% of its holding to public. Present shareholding of Govt. of India is 72.84%.

Shareholding of President of India (POI)

The present Shareholding of President of India (POI) is 1,51,87,43,894 equity shares of Rs. 10 each amounting to Rs. 1,51,87,43,8940 that is 72.84%.

Profit

Profit before Tax increased from Rs. 1406.24 crore in 2021-22 to Rs. 1,644.38 crore in 2022-23 showing an increase of 16.93%. Profit after Tax increased from Rs.1087.35 crore in F. Y.2021-22to Rs. 1,267.97 crore in

F. Y. 2022-23 showing an increase of 16.61%.

Net Worth

The Net Worth of your Company has increased over the previous year on account of transfer of profits (after payment of Dividend) amounting to Rs. 6479.15 crore and on account of OCI Rs. 0.91 Crore

to Reserves and Surplus. Accordingly, the Net Worth of the Company has increased from Rs. 5631.41 crore at the end of previous year to Rs. 6479.15 crore at the end of the current year.

Reserves

The Reserves & Surplus of the Company for FY 202223 stand at Rs. 4,394.13 crore as compared to Rs. 3546.42 crore in FY 2021-22, showing an increase of 23.90% from previous year.

Dividend

An Interim dividend of Rs. 369.05 crores was paid during the FY 2022-23. The Board recommended a final dividend of Rs. 75.06 crores (Rs. 0.36 per share) subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. Total dividend for the financial year 2022-23 is Rs. 444.11 crore, showing an increase of 16.39 % over previous year.

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. 15898.84 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. 279.95 crore was paid to IRFC on this account, leaving an outstanding loan & Principal balance of Rs. 5341.66 crore.

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 2022-23 (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 of 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”.

Pursuant to section 134 (3) (a) and of the Companies Act, 2013 read with Rule 12 (1) of the Companies (Management and Administration) Rules 2014, the "Extract of Annual Return (MGT-9)” and 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”.

Turnover

Your Company has achieved a highest ever turnover of Rs. 20,281.57 crore in 2022-23 as compared to Rs. 19,381.71 crore in 2021-22, showing an increase of 4.64% over the previous year.

This became achievable mainly due to the assured availability of funds for project expenditure during the year by the Ministry of Railways, which accounts for 92.14 % of the Turnover. 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 slight increase in the level of expenditure on works undertaken for SPVs and other works including works awarded from bidding to Rs.1594.01 crore during 2022-23 in comparison to Rs. 1222.21 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 2022-23 forms part of the Annual Report of the Company. The accounts have been consolidated based on the performance and activities of the SPVs and the share of RVNL in those entities as an equity partner and its wholly owned subsidiary HSRC Infra Services Limited. 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 Stand Alone Accounts of RVNL and the Consolidated Accounts are as under:

•    Total project Length completed during the F. Y. 2022-23 was 863.02 km (67.06 km of New Line, 497.88 km of Doubling, 271.12 km of Railway Electrification, 26.96 km of Metropolitan Transport Project (MTP) and 4 Workshop Project have been physically completed. In addition, Railway Electrification of 334.59 km was also carried out in other than specific Railway Electrification projects as part of Doubling.

•    During 2022-23, Bhimsen-Jhansi (206 km) with RE, Daund- Gulbarga- Doubling (224.9 km) and Pune- Guntakal -Electrification (641.37 km), Palanpur- Samakhiali (247.73 km), Raipur-Titlagarh (203 km) and Angul- Sukinda Road (98.7 km) New Line project were completed.

•    Ranaghat (EMU Car Shed), Jheel Siding Coaching Depot, Jhansi-Setting up of coach periodic overhauling and refurbishment workshop Dullahapur Yard - Provision of tower wagon periodic overhauling shed and Metro Depot Augmentation at Kavi Subhash projects under the Plan Head Worksop were completed.

3.1 Physical Size of the Projects:

Since its establishment in 2003, Ministry of Railways has transferred 220 projects to RVNL for execution, which may be broadly classified under the following heads:

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, etc.

3.1.2    Project Implementation Units (PIUs):

These projects are spread all over the country and for efficient implementation of projects, 30 Project Implementation Units (PIUs) have been established at 24 locations to execute projects in their geographical hinterland. They are located at Ahmedabad, Agra, Bengaluru, Bhopal, Bhubaneshwar (2 Units), Chennai (2 Units), Chandigarh, Jhansi, Kanpur, Indore, Kolkata

(2 Units), Kharagpur, Kota (2 Units), Lucknow, Nagpur, Patna, Raipur, Rishikesh, Ranchi, Secunderabad, Varanasi (2 Units), Vijayawada and Waltair (2 Units) and one foreign Branch Office in Maldives. The PIUs are established and closed as per requirement.

3.2 Status of physical progress of projects

The status of the 220 projects assigned to RVNL for execution is as under: -

Projects completed up to March 2023 : 140 No. Projects under implementation    : 77 No.

Projects yet to be sanctioned    : 3 No.

3.3    Total project length completed:

Cumulatively, RVNL has completed a total of 5670 km of doubling, 2095.83 km of gauge conversion, 589.29 km of new lines, 7106 km of pure Railway Electrification, 3818.89 km RE as part of NL/GC/ DL and 73.10 km of Metropolitan Transport Project (MTP). Thus, as on 31.3.2023, 15534.27 km of project length out of a total length of 17,398.64 km of 217 sanctioned projects (3 projects of 548.22 km of length are yet to be sanctioned) assigned to RVNL, have been completed.

3.4    Project length completed during 2022-23:

During 2022-23, 863.02 km (67.06 km of New Line, 497.88 km of Doubling, 271.12 km of Railway Electrification, 26.96 km of Metropolitan Transport Project (MTP) and 4 Workshop Project have been physically completed. In addition, Railway Electrification of 334.59 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, 67.06 km of New Line was

completed, the details are given below:

3.4.1.1    Angul - Sukinda Road (98.7 km): During the year, 26.06 km project length was completed. Kamalanga Jn. - Parjang (7.845 km) was completed in June 2022, Tangaria - Bhuban Road (8.09 km) and Duburi-Baghuapal (10.12 km) were completed in January 2023.

3.4.1.2    Mau - Ghazipur - Tarighat (51 km): During the year, 9 km of project length was completed. Ghazipur City -Tarighat (9.00 km) was completed in March 2023.

3.4.1.3    Dallirajhara - Rowghat (95 km): During the year, 17.5 km of project length was completed. Antagarh -Taroki (17.5 km) was completed in March-2023.

3.4.1.4    Neora - Daniawan (40.92 km): During the year, 14.50 km of project length was completed.Marachi (H) -Biju Bhigha (H) (2.409 km), Biju Bhigha (H) - Fazalchak (2.707 km) and Gauspur (H) - Top Sarthua (5.457 km) were completed in January 2023. Jatdumri - Marachi (H) (3.926 km) was completed in February 2023.

3.4.2 Sections completed under Doubling Plan Head: During the year, 497.88 km of Doubling was completed, the details are given below:

3.4.2.1    Daund - Gulbarga Doubling (224.9 km): During the year, 28.48 km of project length was completed. Bhigvan - Jinti Rd. (12.13 km), Jinti Rd.- Parewadi (9.26 km) and Parewadi - Washimbe (7.09 km) were completed in May 2022, thus fully completing the project.

3.4.2.2    Dhanbad - Sonnagar (Patratu - Sonnagar) - 3rd line (291 km): During the year, 87.19 km of project length was completed. Garhwa Rd.- Tolra (6.03 km) and Tolra- Rajhura (9.54 km) were completed in April 2022. Haidernagar- Kosiara (6.07 km) was completed in July 2022. Daltonganj - Chianki (7.43 km) was completed in August 2022. Rajhura - Kajri (7.31 km) was completed in September 2022. Kajri -Daltonganj (10.47 km) was completed in December

2022.    Latehar- Demu (6.8 km), Ray (RAY) - Koley (IBH) (7.55 km), Koley (IBH) - Hendegir (6.24 km), Hendegir-Patratu (15.49 km) were completed in January

2023.    Karkatta - Sigsigi (4.26 km) was completed in February 2023.

3.4.2.3    Raipur- Titlagarh (203 km): During the year, 3.05 km of project length was completed. Raipur - Raipur B.H (3.05 km) was completed in Mar 2023, thus fully completing the project.

3.4.2.4    Vizianagaram- Sambalpur (Titlagarh) 3rd Line (264.60 km): During the year, 29.798 km of project length was completed. Kuneru (KNRT) - Jimidipeta (9.144 km) was completed in June 2022. Doikallu (DKLU) - Ambodala (11.774 km) was completed in February 2023. Gumda (GMDA) - Kuneru (8.88 km) was completed in March 2023.

3.4.2.5    Banspani- Daitri - Tomka - Jakhapura (180.33 km): During the year, 30.783 km of project length was completed. Sagardapata- Tangripal (16.763 km) was completed in December 2022 and Nayagarh-Porajanpur (14.02 km) was completed in February 2023.

3.4.2.6    Rajpura- Bhatinda (172.64 km): During the year, 26.44 km of project length was completed. Nabha (NBA)- Chintawala (13.61 km) was completed in August 2022. Barnala- Hadiaya (5.99 km) and Daunkalan- Patiala (6.84 km) was completed in December 2022.

3.4.2.7    Bhimsen- Jhansi (206 km): During the year, 19.43 km of project length was completed. Malasa- Lalpur (5.4 km) was completed in August 2022. Lalpur-Tilaunchi (5.7 km) and Tilaunchi- Paman (8.33 km) were completed in December 2022, thus fully completing the project.

3.4.2.8    Mathura- Jhansi 3rd Line (273.80 km): During the year, 32.53 km of project length was completed. Chirula - Karari (6.41 km) was completed in July 2022. Sithouli A Cabin - Sithouli (1.69 km) was completed in September 2022. Sikroda Kwari - Morena (7.98 Km), Kotra-Sonagir (9.56 km) and Datia- Chirula (6.89 km) was completed in February 2023.

3.4.2.9    Phephna- Indara, Mau - Shahganj (excl. Indara -Mau) (150.28 km) DL: During the year, 15 km of project length was completed. Azamgarh- Sarairani (7.7 km) and Sarairani- Phariha (7.3 km) were completed in June 2022.

3.4.2.10    Bhatni- Aunrihar (126.30 km): During the year, 32.19 km of project length was completed. Kidhirpur-Chakara Road (7.9 km), Chakara Road- Indara (5.08 km)

Mailani (11 km) was completed in July 2022. Mailani

-    Sehramau (22 km) was completed in October 2022. Dhoodiya Khurd - Puranpur (11 km) was completed in November 2022. Puranpur - Shahgarh (14 km) is completed in December 2022.

3.4.3.2    Palanpur - Samakhiali (247.73 km): During the year, 43 km project length was completed. Vaghpura

-    Chhansara (8 km) was completed in June 2022. Lakhpat - Garmadi (17 km) was completed in October 2022. Garmadi - Santalpur (8 Km) was completed in November 2022. Chhansara - Garmadi (10 km) was completed in December 2022.

3.4.3.3    Dhasa - Jetalsar (104 km): During the year, 46.71 km of project length was completed. Dhasa

-    Khijadiya & Chital - Lunidhar (40.71 km) were completed in January 2023. Khijadiya - Chital (6 km) was completed in February 2023.

3.4.3.4    Angul - Sukinda (92 km): During the year, 92 km of project length was completed.

3.4.3.5    Vijaywada - Gudivada- Bhimavaram-Narasapur, Gudivada - Machlipatnam and Bhimavaram -Nidadavolu (221 km) - Doubling with electrification:

During the year, 32.00 km of project length was completed. Aravalli- Attili (6 km) was completed in April 2022. Attili- Tanuku (08 km) was completed in May 2022. Tanaku - Kaldhari (10 km) was completed in July 2022 and Kaldhari - Nedadavolu Jn. (08 km) was completed in August 2022.

3.5    Workshop projects completed: During the year, 4 Workshop and 1 Depot were fully completed, the details of which are as under:

3.5.1    Rail Coach Naveenikaran Karkhana, Jhansi: The

workshop was completed in September 2022.

3.5.2    EMU Car Shed, Ranaghat: The workshop was completed in December 2022.

3.5.3    Infrastructure facility at Jheel siding Coaching Depot, Howrah: The workshop was completed in January 2023.

3.5.4    Tower Wagon POH Shed, Dullahapur: The

workshop was completed in March 2023.

3.5.5    Metro Depot Augmentation, Kavi Subhash: This depot is part of Dum Dum - New Gharia Via Rajerhat Metro Railway Project. This was completed in September 2022.

3.6 Projects Fully Commissioned and Handed Over to Railways:

Out of 140 projects completed so far, 137 projects have been fully commissioned and handed over to Railways for operations and maintenance.

3.8 Signalling and Telecommunication

Signalling & Telecommunication (S&T) domain is a core expertise of providing signalling solutions for efficient and safe operation of trains on Indian Railways. There has been a significant induction of modern technologies on Indian Railways namely Electronic Interlocking (EI), Digital Axle Counters, Fibre Optic Cable Network facilitating capacity building in the recent years.

The technology driven advancement is primarily aimed to achieve high level of safety in train operations and increased speeds of trains with higher density of traffic. This ensures the turnaround time of Freight Trains is minimal as well as punctual operation of Coaching Trains is achieved. With continuous and tireless effort of S&T team of RVNL in the area of Railway Infrastructure, Indian Railways is able to achieve many milestones in the sector of 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 most complicated projects of Doubling, 3rd Line, New Line and Gauge Conversion. Keeping its tradition high, during FY 2022-23, RVNL has commissioned 93 Nos. of new EI/PIs installations on Indian Railways. Apart from new EIs; RVNL has commissioned Alterations in 53 Nos. of Els/PIs installations on Indian Railways.

RVNL has also commissioned many Major Yards such as Yard remodelling of Bhatinda RRI Station (717 signaling routes), Kota station (534 signaling routes), Garwha Road station (336 signaling routes), Titlagarh (254 signaling routes), VKT station (249 signaling routes) , ANB station (192 routes) & PGU station (177 routes).

RVNL has taken up 146 Nos. of Non-Interlocking (NIs) of stations for commissioning of Doubling & 3rd Line projects during the year. RVNL has also commissioned the high numbers of 52 IBS/Auto signals and Interlocking of 46 Nos mid-section level

crossing gates. Not only on the Signalling front. RVNL has also completed the incredible achievement in the area of telecommunication by providing 1350 km of Fibre Optic Network and 6Quad Cable network during the year.

Railway Board had entrusted RVNL to approve Logic & Interface Circuits on its own through 3rd Party IRSTELO license holders for CR, SCR, WR & WCR up to 75 routes. RVNL has approved Logic & Interface Circuits of 104 stations. This has reduced the workload of Zonal Railway’s on document approval organization and well expedited the approval process

of Logic & Interface Circuits thus had played a pivotal role in commissioning of such a large number of stations by RVNL.

Signaling and Telecommunication vertical thus played a very vital role in providing large nos. of signaling installations in connection with large infrastructure projects on Indian Railways.

3.9 Projects under implementation:

There are 77 projects under various stages of implementation by RVNL.

3.10    Projects yet to be Sanctioned (included in Pink Book):

(i)    Khijadiya-Visavadar GC (91.27 km)

(ii)    Veraval-Talala-Visavadar GC (71.95 km)

(iii)    Bhadrak-Vizianagaram 3rd Line (385 km) -project was deferred by Railway Board now under reconsideration for sanctioning

Total 548.22 km project length is yet to be sanctioned.

3.11    Major Projects awarded through Bidding:

3.11.1 Indore Metro Project:

The Indore Metro is a rapid transit system which is under construction for the city of Indore, India. The total system consists of 11 corridors (lines) covering a distance of 124 kilometres (77 mi). The metro system will be elevated, underground and on ground.Six corridors have been proposed by MPMRCL. This system consists of a Network of 100-107 km and with lines overlapping and branching. In May 2013, a detailed project report preparation for the MRTS including the selection of the system for the city was started.

In 2020 MPMRCL invited bids for the first phase/ yellow line consisting of 17 kms of Viaduct having 16 stations.

Rail Vikas Nigam Limited (RVNL) has been awarded two major packages (IN02 & IN03) of the yellow line of the project which includes Design and built 16 nos. of stations and 10.9 km of the viaduct.

Package 02-

Design and Construction of Elevated Metro Rail Stations including all Civil, Structural, Roof structure, MEP works, Architectural finishes, Fagade, 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, Fagade, 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)

3.11.2 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, RVNL has successfully completed preliminary works like

topographic survey, bathymetric survey and coral mapping. Coral shifting is in progress. The work for construction of column to be used for placing of Geo-tube before start of dredging is in progress. The dredging work will also start very soon.

3.12 Kolkata Metro Projects:

3.12.1 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)

3.12.2    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). DPR is a pre-requisite for planning of Metro corridors in urban areas. RVNL first engaged RITES for preparation of DPR. Late arrival of metro extension work in the congested and unplanned city was a challenge and required a lot of meticulous planning for identification and removal of encroachments and other impediments to start construction activity of Metro. The land acquisition in Kolkata/West Bengal poses a big problem causing delayed construction of Metro corridors and other infrastructural projects. The issues like removal of encroachments and relocation of utilities along with 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.

3.12.3    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 2 phases i.e. in 1st phase from Joka to Majerhat elevated section and in the 2nd phase from Mominpur to BBD Bag 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.

Joka - Esplanade Metro Corridor

3.12.4    In the Metro corridor from Joka to Majerhat, from Joka to Taratala (Phase-I) 6.50 Km has been commissioned after CRS inspection on 10.11.2022. This Phase-I section has been dedicated to the public of Kolkata by Hon’ble Prime Minister on 30.12.2022 and commercial services started by Metro Railway on 02.01.2023. The major impediments were namely, Rehabilitation India building has been dismantled, and the long pending permission from Mint was received from Ministry of Finance and the viaduct work on that stretch is completed. The next phase of commissioning Taratala to Majerhat which will integrate the Metro Railway with EMU service of Eastern Railway and will much facilitate passengers for their day to day transportation need. Earlier, due to collapse of old ROB at Majerhat on 4th Sept 2018, the construction of Majerhat station came to a halt as State Government did not give permission for the construction work. After the commissioning of new ROB at Majerhat in Nov 2020, NOC has since been received from State Government, and construction of Majerhat Metro station is now going in full swing, and is expected to be completed before Puja during the current year 2023. For construction of MJT station (MJT Yard) launching of steel girders have been done after obtaining sanction of CRS/N.F. Circle. The station over yard is on three layers.

Beyond Majerhat, the Joka to Majerhat Metro Corridor is being extended upto Esplanade going underground from Mominpore ramp. The GC-cum-PMC contract for the underground section has been awarded and the tender for underground construction tender for tunnelling by TBM is in advance stage of finalization and will be awarded shortly so that the underground work can start in full swing. 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 nonavailability 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. The Commissioning of 1st phase is done on 30.12.2022. The 2nd phase uptoMajerhat is expected to be commissioned before Puja. After the 1st 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.

New Garia-Airport Metro Corridor

3.12.5. 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 18 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 is planned in 3 phases 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. The commissioning of 1st phase is awaited for which CRS inspection has been conducted on 30.01.2023 and authorization received on 07.02.2023. The next phase of commissioning has been modified for commissioning from Hemanta Mukhopadhyay to Beliaghata by Dec. 2023 due to NOC pending at few locations beyond Beliaghata to Sector-V.

Noapara - Baranagar - Dakshineswar Metro

3.12.6 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, an MoU was signed between State Government, Metro Railway and RVNL in October 2011 where it was decided that RVNL shall commence the work of Metro viaduct construction on BT Road after commissioning of 64” pipeline under the BT Road with the closure of 60” and 42” diameter pipelines. The work of new pipeline has been commissioned but RVNL has not been able to start the work due to noncompliance of provisions of tripartite MoU by the State Government. State Government in their letter of 03.05.2018 had proposed for change of alignment i.e. through Kalyani Expressway. Ministry of Railways (CRB) had responded this proposal by writing to Chief Secretary, GoWB that under such a situation, it will become a new project requiring fresh sanction. RVNL, on its part, had requested State Government

vide letter dated 19.11.2018 to lay a new pipeline through another alignment for which RVNL would bear the cost. Vide letter dated 05.05.2022, State Govt. asked for an additional pipeline of 90” dia at project cost in lieu of closing 60” ,48”, 42” pipe lines on BT Road. Work on this phase of the Metro corridor could not be initiated due to above account. After discussion with State Govt. Technical Consultant has been engaged by RVNL for finalizing the proposal for Metro construction by shifting 48’’ pipeline in phases so that three metro stations can be completed from Baranagar-end in 1st phase.

3.12.7 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: 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) New Garia-Hemanta Mukhopadhyay in New Garia-Airport corridor: 1st phase is awaited for commissioning and CRS inspection has been conducted on 30.01.2023, authorization received on 07.02.2023. The next phase of commissioning will be from Hemanta Mukhopadhyay to Beliaghata by Dec’2023.

Accidents

During 2022-23, no accident was reported from any of the project sites of RVNL.

3.13    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-IN D) 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 29 October 2021 and the loan account was closed effective on 2 December 2021.

3.14    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 up to 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 2022-23, contracts worth approximately

Rs. 3885.18 crore were awarded.

The following major contracts were awarded by the

Company during the year:

•    “Design, Manufacture, Supply, Installation, Testing and Commissioning of CBTC based Train control & Signalling Systems and Telecommunications Systems for Kavi Subhash-Biman Bandar Metro corridor (32 km) and Joka-Esplanade Metro corridor (16 Kms) of Metro Railway Kolkata in West Bengal, India” (Rs 763.29 crore)

•    “Construction of Elevated viaduct (Approximate length of 10 kms), NINE (9) Elevated Metro Stations at Sholinganallur LAKE-I, Sholinganallur Lake II, Semmeancheri - I, Semmeancheri - II, Gandhi Nagar, Navallur, Siruseri, Siruseri SIPCOT-1 AND Siruseri SIPCOT-2 and Stabling Viaduct at SIPCOT excluding Architectural works, finishing works and other Miscellaneous works for Chennai Metro Rail Limited” (Rs 465.06 crore)

•    “Construction of Foundations, Substructure & Superstructure along With River Training/ Protection Work, Earthwork & allied works for 8 Major Bridges in Between Chainage Km 20+000 To Km 63+00, in connection with Bhanupali-Bilaspur-Beri New Railway Line in District Rupnagar of Punjab And District Bilaspur of Himachal Pradesh State, India” (Rs 367.98 crore)

•    “Setting up of Wagon Repair Workshop at Kazipet, Telangana on EPC mode” (Rs 361.79 crore)

•    “Construction of approaches & viaduct of Br No 111, roadbed, Major & Minor bridges between Jhusi (excluding) to PrayagrajRambag (excluding) from km 320.600 to km 326.100 in connection with Varanasi-Madhosingh-Allahabad doubling project of Varanasi Division of North Eastern Railway in State of Uttar Pradesh, India.” (Rs 154.60 crore)

•    “Construction of Earthwork, LHSs, Minor Bridges, Track diversion, Building Work, Passenger Platforms etc. at Bhanupali, Thaluh and Dharot Yards in connection with Bhanupali-Bilaspur-Beri New Railway Line Project, State of Punjab and Himachal Pradesh, India” (Rs 114.98 crore)

•    “Package 1 of RVNL: Execution of Various Type a of Works For Development of Kharicut Canal From Chainage 2.50 to 4.00 lying under Package-2 section of AMC [Between Navyug School Canal Crossing to Nidhipark Society]”(Rs 98.42 crore)

•    “Design, Supply, Erection, Testing & Commissioning of 25 KV, 50 Hz, Single Phase, Conventional Traction Over Head Equipment, Switching Stations and other associated works, associated Signal & telecommunication work, Civil Engineering work i.e., Staff quarters, T.W. sidings, service buildings and electrical general services works for Railway Electrification between stations Dhasa - Jetalsar (104.44 RKM/118.09 TKM) in Bhavnagar Division of Western Railway in the state of Gujarat, India”(Rs 94.51 crore)

•    “Package 4 of RVNL: Execution of various types of works for Development of Kharicut Canal from Chainage 5.60 to 6.50 lying under package-3 section of AMC [between Nidhipark society to Odhav Fire Station]”(Rs 72.31 crore)

•    “Package 5 of RVNL: Execution of various types of works for Development of Kharicut Canal from Chainage 6.60 to 7.60 lying under Package-3 section of AMC [between Nidhipark society to odhav Fire Station”(Rs 71.84 crore)

•    “Package 2 of RVNL: Execution of Various Typea of Works For Development of Kharicut Canal From Chainage 4.00 to 5.00 lying under Package-2 section of AMC [Between Navyug School Canal Crossing to Nidhipark Society]”(Rs 70.94 crore)

•    “Strengthening of all Piers (22) by RCC jacketing includes dowelling, cofferdam of Bridge No. 301/1 (Km 302.100) between Bhigvan and Jinti Road stations in connection with doubling of Daund-Kalaburagi Section in Solapur Division of Central Railway, Maharashtra, India" through Special Limited Tender ”(Rs 69.44 crore)

•    “Package-7 of RVNL: Providing factory-made Fuji Silvertech or equivalent precast box culvert from Chainage 5.00 to 7.60 for Development of Kharicut Canal lying under Package-3 section of AMC [between Nidhipark Society to Odhav Fire Station]”(Rs 59.28 crore)

•    “Package-6 of RVNL: Providing Factory-Made Fuji Silvertech Or Equivalent Precast Box Culvert From Chainage 2.50 To 5.00 For Development Of Kharicut Canal Lying Under Package-2 Section

of AMC [Between Navyug School Canal Crossing To Nidhipark Society]” (Rs 57.00 crore)

•    "Railway Electrification for the section of Parvathipuram (Excl.)-Gotlam (Incl.) in connection with 3rd line works between TIG-VZM in WAT division of East Coast Railway, India” (Rs 51.81 crore)

•    Survey, Design, Supply, Installation, Testing and commissioning of new Electronic Interlocking at Jaroli, Jaroli-A and Nayagarh stations, IBS in Nayagarh-Porjanpur section, modification of outdoor signalling work at Porjanpur station, telecom equipment’s and associated works in connection with commissioning of twin single line in Jaroli-Nayagarh section and doubling in Nayagarh-Porjanpur section over Chakradharpur Division of South Eastern Railway and Khurda Road Division of East Coast Railway in Odisha State, India” (Rs 43.71 crore)

•    “Package 3 of RVNL: Execution of Various Type a of Works For Development of Kharicut Canal From Chainage 5.00 to 5.60 lying under Package-3 section of AMC [Between Nidhipark Society to Odhav Fire Station]” (Rs 43.17 crore)

•    “Construction of foundation and sub-structure of Bridge No.10 (Span 1 x 18Mtr+1x36.0 Mtr+1x18Mtr) ROB with composite girder for 6-lanning traffic on New rail connectivity from Duburi Station -Tata Steel Plant (Kalinganagar) at Rly.Chainage : 80/76km on NH-53 crossing at NHAI CH; 389.957 km between Duburi -Chandikhol Highway in connection with Angul- Sukinda New BG Rail link project under Khurda Division of East coast Railway in the State of Odisha, India” (Rs 29.55 crore)

•    “Construction of 140 Meter Rail tunnel between Muhammadganj & Satbahini Station a Chainage 344.280 to 344.420 and other associated works in either approaches in connection with Construction of 3rd (B.G.) Rail Line between Sonnagar to Garhwa Road Section in Jharkhand, DDU Division of East Centrla Railway, Bihar, India” (Rs 29.16 crore)

•    “Supply of Ballast, Installation of B.G.P.Way Track (Excluding supply of Rails, BG Line sleepers, thick Web switches) and other miscellaneous works in Package 5A - Rayagada (Excl.) - Jimidipeta (Excl.) in connection with TIG-VZM 3rd Line Project in Waltair division of East Coast Railway” (Rs 27.75 crore)

•    “Relocation of Buildings & Structures required for Construction of Metro works inside Command Hospital Kolkata Armed Police, Consulate General of Nepal, Office of PWDte Executive Engineer (Electrical), Kolkata including dismantling

of Building/Structures and allied works in connection with Construction of Momimpur-Esplanade section of Joka Esplanade Metro Corridor ib the State of West Bengal, India” (Rs 25.91 crore)

•    “Supply of machine crushed stone railway track ballast on cess, as per RDSO’s Specification no. IRS-GE-1, June-2004 with updated correction slips, from Kabrai/Jhansi ballast quarries, stacking the ballast alongside the proposed alignment on either side of track, formation/in yards and at locations, as per site requirements and leading for laying on track between Shahgarh (ex) to Pilibhit (ex) stations, in connection with Shahgarh-Pilibhit gauge conversion work on Izzatnagar Division of North Eastern Railway in Pilibhit District of Uttar Pradesh, being executed under Chief Project Manager-I, Rail Vikas Nigam Limited, Lucknow” (Rs 25.79 crore)

•    “Execution of Civil Work upto Concourse of Technopolis Station and Miscellaneous Work for Kavi Subhas - Bimanbandar Metro Corridor” (Rs 23.65 crore)

•    “Modification (including Design, Supply, Erection, Testing, and Commissioning) of existing overhead equipment with 25 KV, 50 Hz AC supply in yards of Phaphamau (excl.)- Janghai (excl.) Section in connection with doubling of tracks between Phaphamau (excl.)- Janghai (excl.) Section in Lucknow Division on Northern Railway, Uttar Pradesh, India” (Rs 20.05 crore)

•    “Construction of various structures & service buildings at Adityapur, Rakhamines related to additional work as per approved alteration ESPs, Construction of New Crew and Guard Lobby at Tatanagar, construction of minor Bridge No.26, 26A, 48, 49 & 50, Construction of Roads, construction of side drains at Galudih yard, between Km 209/14A to Km 209/24A & Km 210/2A to Km 210/12A and between Salgajhari to Adityapur and several miscellaneous works in the section between Salgajhari- Adityapur of Kharagpur 3rd Line Project” (Rs 20.00 crore)

•    “Execution of LHS works along with approach road works at RV 235 @Km 304/11-13 between MNGD-BMCK station (BMCK yard) and RV 236 @ Km 308/3-5 between BMCK-THV station of Package-4, in connection with 3rd Line between TIG-VZM in SBP Division of East Coast Railway in Odisha State, India” (Rs 19.95 crore)

•    “Execution of miscellaneous works like construction of cover sheds over approach roads of LHSs (RV-282, RV-293, RV-315), diversion of roads at LHSs and LCs, Safety Fencing works between running track and roads, precast boundary walls and provision of borewells etc. between Jimidipeta and Gotlam in connection with construction of 3rd line project from Titlagarh to Vizianagaram in Waltair division of East Coast Railway”. (Rs 19.89 crore)

•    “Construction of Entry Structure A at Hemanta Mukherjee, Entry Structure A at Vip Bazar, Entry Structure D at Kavi Sukanta and Balance Work of Entry Structure A & B at Kavi Sukanta in Ans-1 Project and (B) Construction of Northbound Diversion Road for Construction of Substructure Work from P286 To P289 of Metro Viaduct in Anv-2 Section in connection with phase commissioning of Metro Service of New Garia-Airport Metro Corridor in the State of West Bengal, INDIA” (Rs 19.81 crore)

•    Left    over works    related to    dismantling of

existing road over ridge and rebuilding of new road over bridge at km 432/25-27 (Br.no.575A) including approach road works near Vanivihar PH of Mancheswar-Bhubaneswar Section in connection with Construction of third line Between Barang and Khurda road in Khurda road Division of East Coast Railway in Odisha State, India” (Rs 19.41 crore)

•    “Left    over works    related to    dismantling of

existing road over ridge and rebuilding of new road over bridge at km 432/25-27 (Br.no.575A) including approach road works near Vanivihar PH    of Mancheswar-Bhubaneswar Section

in connection wth Construction of third line Between Barang and Khurda road in Khurda road Division of East Coast Railway in Odisha State, India” (Rs 19.11 crore)

•    “Construction of    various    passenger and

staff amenities works as per requirement of Ahmedabad division such as Extension of FOB at Samakhiali station construction of new FOB at Bhildi station ,Construction of Transit Accommodation at Bhildi&Samakhiali stations ,Improvement in Railway colony roads and Construction of LC gate lodges/ small service buildings in station yards and mid sections along with other miscellaneous civil works pertains to CRS stipulations compliance and allied works in connection with Palanpur-Samakhiali Doubling project” (Rs 19.07 crore)

•    “Design, Supply, Erection, Testing and Commissioning of 25 KV AC 50 HZ Single Phase Traction Overhead Equipment including modification works between sections Sanathnagar - Moula Ali 'C' Cabin of Secunderabad Division, Moula Ali 'G' Cabin - Dayanandnagar - Malkajgiri of Hyderabad Division on South Central Rail” (Rs 18.98 crore)

•    “Balance Pump House, Road work and Miscellaneous works in connection with Commissioning of Metro Car depot at Joka, West Bengal” (Rs 16.88 crore)

•    “Provision of fencing for Compensatory Plantation In Connection With Compliance Of Central Empowered Committee (Cec) Recommendations At 10 Stations Namely Runakta, Patholi, Midhakur, Kirwoli, Fatehpursikri, Bichpuri, Raibha, Achnera, Karodana&Idgah Stations On Agra Division Of North Central Railway In Uttar Pradesh State Of India” (Rs 16.66 Crore)

•    “Construction of Service Buildings like RPF Office, BRI Office, CPWI Office, Electrical Staff Office, Gang Tool Room etc. and construction of staff quarters at various locations falling under Aghmedabad - Botad Gauge conversion Section in Bhavnagar Division of Western Railway, Gujarat, India” (Rs 14.95 crore)

•    “Balance work of Earthwork, Blanket, Platform, PP Shelter and Major Bridge no. 05 etc. between Bhatni - Peokol in connection with Doubling of Bhatni - Aunrihar Section on Varanasi Division of North Eastern Railway in the state of Uttar Pradesh, India” (Rs 14.44 crore)

•    “Construction of Major Bridge No. 265 (4x12.2 m PSC Slabs) between Mala (ex) and Pilibhit (ex) stations, which includes installation of 1200 mm dia bored cast-in-situ RCC (M-35) Piles, RCC Piers and Abutments, launching in position of already available PSC Slabs and other ancillary bridge works, finishing works on already constructed Major Bridge 258 and Construction of 02 nos Limited Height Subways including RCC Box (by cast-in-situ method), retaining walls for approach roads with covering, drainage arrangements, installation of height gauges and other ancillary works for elimination of Level Crossing No. 197 & 198 between Mala (ex) and Pilibhit (ex) stations in connection with Shahgarh (ex) to Pilibhit (ex) gauge conversion works on Izzatnagar Division of North Eastern Railway, in Pilibhit District of Uttar Pradesh, being executed under CPM/ RVNL/Lucknow” (Rs 12.72 crore)

•    “Execution of Signal and Telecommunication works in connection with Yard Remodelling at Nidadavolu Jn. Station on Vijayawada Division of South Central Railway” (Rs 12.11 crore)

•    “Construction of Gate Lodges, LC Approach Road and other related miscellaneous works at Level Crossings between Bhatni-Salempur-Kidiharapur and Mau-Dullahpur-Sadat in connection with Doubling of Bhatni-Aunrihar Section on Varanasi Division of North Eastern

Railway in the state of Uttar Pradesh, India.” (Rs 12.10 crore)

•    “Execution of Scour protection works at Br.No.195 in between Bargarh-Barpalli section for commissioning in connection with SBP-TIG doubling” (Rs 11.85 crore)

•    “SBP yard Construction of new Platform-I, Civil Works like Cable duct, drain, Blanketing, Service Buildings dismantling, coach water pipeline works at SBP yard in connection with SBP-TIG doubling” (Rs 11.40 crore)

•    “Permanent restoration & Ground improvement of Metro Embankment at Km (-)3/8 to (-) 3/10 at DN Track side in connection with newly commissioned Noapara- Baranagar-Dakshineswar Mero, Kolkata Metro Railway, India” (Rs 11.39 crore)

•    “Railway Electrification of Rayagada (Excl.) - Jimidipeta (Excl.) section of package-5A in connection with 3rd line works between TIG-VZM in WAT division of East Coast Railway, India” (Rs 11.33 crore)

•    “Design, Supply, Erection, Testing and commissioning of 25 kV AC, 50Hz Single Phase OHE AT NIDADAVOLU (NDD) YARD Phase-2 in Vijaywada Division of South Central Railway, Andhra Pradesh State, India - Reg.” (Rs 10.81 crore)

•    “Execution of connecting road from JT-47 to JT-48 with roof shelter and other balance civil works in between Deobahal - Bargarh section for Commissioning in connection with SBP-TIG Doubling"(Rs 10.67 crore)

•    “Execution of Earthwork, blanketing and extension of Bridges including miscellaneous works for Duburi Yard Modification in connection with the rail connectivity between Duburu and TATA Steel Plant for the TATA Siding line under Khurda Road division of East Coast Railway in Odisha State” (Rs 10.46 crore)

•    “Construction of PF Shelters, Platform flooring and other miscellaneous platform works at SBP Station in connection with remodelling of Sambalpur yard in connection with Sambalpur-Titlagarh doubling project” (Rs 10.35 crore)

•    “Construction of 1x30.5m Steel Through girder Major Bridge No.67 at SBP yard in connection with SBP-TIG Doubling (complete bridge including construction of foundation, substructure and superstructure” (Rs 10.12 crore)

Besides these Works Contract, FLS, DD&PMC and

PMC contracts of Rs 270.11 crore have also been

awarded during 2022-23.

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, six 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 9119.95 crore out of which Rs 3129.18 crore is equity and Rs 5990.77 crore is debt. RVNL itself has invested a total of Rs 1143.70 crore as equity in these 6 SPVs, which is approximately 12.54% of their Gross total investment (refer to table below).

An SPV formed as Dighi Roha Rail Ltd. (DRRL) for execution of New Rail connectivity between Roha to Dighi Port is under process for closure. Cancellation of sanction of the project had been issued vide Railway Board’s Letter No. 2012/Infra/12/35 dated 13.01.2022.

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 acre 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.

MMLP Chennai

•    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 wherein 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.,

5. Personnel Development

Hiring of talented and experienced manpower, developing, motivating and retaining them havebeen the principal areas of HR for achieving the corporate objectives. The primary focus of theorganisation 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 on31.03.2023, the on-roll strength of the company stood at 185 regular employees and 240 deputationists.

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 against the Covid pandemic, RVNL conducted many welfare programmes, such as, Covid Testing camps, Covid Vaccination Camps, Emergency Controlroom, First-aid facility equipped with medical beds, oxygen concentrators, Covid medicines, facemasks, medical camps empanelment of hospitals for cashless and hassle-free admission and provision of Bed facility in case of hospitalisation, etc. at Corporate Office and PIUs for the welfare ofemployees. As a welfare measure, the Company provides free

5.1    Industrial Relations

Cordial and harmonious Industrial relations have been maintained throughout 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 disposedoffduring 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 2022-23, 182 Applications were received and disposed off on time.

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 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 14 officials who use Rajbhasha in Hindi drafting notes and letters were identified from each department and given Late Shankar Dayal Singh Smriti Puraskar amounting to Rs. 3000/- each. A competition on Hindi essay writing, Hindi noting and drafting, Hindi Shabd Gyan and Quiz was organised on the occasion of Hindi Pakhwara in the month of September, 2022. Cash awards of Rs. 69,700 were distributed to 37 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 202223, 4 meetings of the Rajabhasha Implementation Committee of RVNL were held and promotion of Rajbhasha was discussed and reviewed.During Financial Year 2022-23, Parliamentary Committee (On Official Language) carried out inspections of Chandigarh, Ahmedabad, Bhopal, Raipur and Kota PIUs and Committee has expressed satisfaction. Hindi Nibandh Lekhan Pratiyogita was organized on 29.12.2022 on the directives of Delhi Nagar Rajbhasha Karyanvayan Samiti, Delhi Upkram-2, in which total 21 Officials participated from 21 PSUs, Out of which, 5 best paticipants were awarded with Cash award amounting to Rs.7800.RVNL’s 4 officials also participated in 2nd Akhil Bhartiya Rajbhasha Sammelan held on 14/15.09.2022 at Surat.

5.5 Presidential Directives:

During the year 2022-2023, one presidential directive was issued regarding “Policy for grant of permission to Railway CPSEs for export of Railway Products” on 16.09.2022.

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 forum, 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 FY 2022-23, focus was made to finalize/ conclude the pending observations by vigorously pursuing the concerned authorities/RVNL field units for their comments/action taken. 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.

In spite of shortage of officers in the Vigilance wing for more than half of the year 2022, three (03) CTE type checks were registered and three (03) CTE examinations by the Central Vigilance Commission were undertaken. 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.

System Improvements:

Based on the observations during various inspections/checks, RVNL Vigilance makes certain recommendations for system improvements. During the FY2022-23, following system improvements were suggested by RVNL Vigilance to the Management for implementation: -

1.    System Improvement suggested: - RVNL corporate office has issued a policy letter dated 23.07.2019 with regard to borrowing of materials from the PIUs/Railways. The letter, however, contains detailed provision with respect to taking of material on loan from other PIUs and doesn’t give any details/procedure to be followed for taking material on loan from the Railways. The policy regarding disposal of surplus material dated 20.07.2016 (procedure order for management of projects material including disposal of surplus material), however, gives procedure for transfer of excess material to railways in details.Detailed provisions including the procedure to be followed by the PlUs should be made with respect to taking of material on loan from the Railways in case of exigency. Reconciliation of all such material may be done periodically (time period to be satisfied) within in the PIU and also with the concerned Zonal Railway.

Status regarding implementation of system improvement suggested: - System improvement issued by ED/Planning through letter No. ED/Genl/117 dated 24.03.2023

2.    System Improvement suggested:- Attention is drawn to CVC’s OM dated 25.11.2021, where in “RVNL is advised to explore the possibility of implementing/extending the policy of rotation of officials in the headquarters as well in the filed units in a transparent manner”.ln above

regard, HR is requested to kindly take necessary action and provide action taken report to this department at the earliest, for further transmission to Central Vigilance Commission.

Status regarding implementation of system improvement suggested: - Matter under consideration by HR/CO/RVNL.

3.    System Improvement suggested:- During investigation of a Complaint related to alleged irregularities in “RE Works between Rani to Palanpur”, Ahmedabad PIU of RVNL has furnished that imposition of penalty of Rs. 1.61 Cr. approx. on M/s NMTPL for non-deployment of key personnel’s as per contract as proposed by PMC is yet to be recovered due to final decision pending at RVNL HQ.Further, from the reply of PIU, it has emerged that due to communication gap between PMC and M/s KEC relating to MRC of incoming material and pressure of commissioning, erection of steel was done prior to issue of MRC and there is no penal clause envisaged in the contract for this lapse since the steel used for erection was RITES inspected and only left out for MRC.

To avoid recurrence of such lapses in other cases in future, following system improvement is recommended for implementation:

(i)    Decision on penalty from contractor’s bill as proposed by PMC should be given in a time-bound manner without keeping the issue in limbo for an indefinite period (at Corporate Office as well as at PIU) to avoid manipulation at later stage.

(ii)    Proper procedure order to be issued regarding “Inspection, MRC and Erection of steel/other materials” to avoid erection of material without inspection/MRC. Moreover, appropriate penal clause must be incorporated in the tender for fixing accountability on both executing agency as well as on PMC for lapses such as erection of steel without MRC.

Necessary guidelines in this regard may kindly be issued under intimation to this office.

Status regarding implementation of system improvement suggested: - System improvement issued by PED/Elect/RVNL through letter No. 2005/Elect/Vigilance/40 dated 29.03.2023.

4.    System Improvement suggested:- During investigation of a complaint related to alleged irregularities in awarding of a contract through SLT to a firm vide LOA no. 2019/RVNL/RE/MAA-

ABR/SLT Dated 09.10.2019 under “RE Works between Rani to Palanpur” by Ahmedabad PIU of RVNL, following points have been observed:

(i)    It has emerged that too much time has been taken for initiation and finalization of SLT Tender, which defeats the very purpose of inviting SLT instead Open Tender.

(ii)    There was an issue of recovery of penalty from firm for which decision was pending at Corporate Office for significant time.

(iii)    The firm which was awarded work through SLT on the basis of shortlisting, could not complete the entire work in prescribed time period and time extension with penalty had to be given for completing the work

In view of above, following system improvement is recommended for implementation:

(i)    If a firm awarded contract through SLT doses not complete the entire work in the prescribed time period and time extension is granted with and/or firm defaults on deployment of key-personnel as per contract condition, then such instances must be reflected in the performance certificate of the firm and this must be given due Weightage while short listing same firm for another work in future.

(ii)    SLT tenders should not be called as a routine rather decision should be taken to invite the SLT tender with due diligence taking all factor in consideration.

(iii)    Decision regarding recovery of penalty should be done with utmost priority following due procedures to avoid any dispute on later date.

Necessary guidelines in this regard may kindly be issued under intimation to this office.

Status regarding implementation of system improvement suggested: - System improvement issued by ED/Planning through letter No. ED/Genl/7 dated 22.12.2022.

5. System Improvement suggested:- In a

matter under investigation in RVNL Vigilance Department, it is revealed that the details of test check done by the PMC/RVNL Official(s)/officer(s) are not properly recorded. It is necessary that all the test check records needs to be carefully recorded with date/ time with all requisite details for future reference. Therefore, it is advised that necessary instructions in this regard be issued to all concerned accordingly.

Apart from above, it is also suggested that Chief Project Managers of all Project Implementation Units (PIUs) should also create a regular systematic procedure to capture and retain soft copy of photographs with date of all the progressive work executed at site as a record for future reference.

Status regarding implementation of system improvement suggested: - System improvement issued by ED/Planning through letter No. C/RVNL/065/2019 (loose) dated 22.11.2022

6.    System Improvement suggested:- In a

matter under investigation in RVNL Vigilance Department, it is revealed that “Procedure Order for Measurements and Payments” issued by RVNL Corporate Office is not appropriately adhered in Project Implementation Unit(s).In the Procedure Order, level of officers/officials of PMC and RVNL specifically mentioned for Recording of measurement, Test Check of measurement and Spot Test Check by RVNL employees. However, it is observed that the officers/officials below the specified rank are performing recording, Test Check and Spot Check, which is in contradiction to “Procedure Order for Measurements and Payments”issued by RVNL Corporate Office. Therefore, all Project Implementation Units may be directed to strictly follow “Procedure Order for Measurements and Payments” and related instructions issued by Corporate Office time to time, without fail.

Status regarding implementation of system improvement suggested: - System improvement issued by ED/Planning through letter No. ED/Genl/109 dated 29.11.2022.

7.    System Improvement suggested:- During investigation of a Complaint, the issue of discharge of Obligation as Principal Employer towards Royalty in Construction Contracts of RVNL was surfaced and discussed in detail. Careful observation of the policy guidelines issued by office of ED/Planning/RVNL vide letter no. ED-Genl/20 dated 30.05.2021 and letter no. ED-Genl/22 dated 16.06.2021 reveals that at present there is no means to safeguard the interest of RVNL as Principal Employer in case a demand for payment of royalty charges from Revenue Department is received after the release of performance security to the contractor.In view of this, as a measure of system improvement, it was suggested that following may also be incorporated in the instructions issued vide letter no. ED-Gen/20 dated 30.05.2021 & ED-Genl/22 dated 16.06.2021: “Before releasing

of performance security, concerned Revenue Authority should be approached by the PIU to give ‘NOC’ towards royalty charges for the said work within given time limit (say one month). Performance security may be released after either getting ‘NOC’ from Revenue Department or deduction/deposition of royalty charges intimated by Revenue Department or lapse of time limit as the case may be.”

Status regarding implementation of system improvement suggested: - Matter under consideration by ED/Planning/CO/RVNL.

8.    System Improvement suggested:- During investigation of a Complaint by vigilance, Daily Progress Report (DPR) of a project being executed by one of the PIU of RVNL was gone through and same was not found in order.In view of this, as a measure of system improvement, it was suggested that appropriate procedure order for maintaining Daily Progress Report (DPR) on work site by Contractor, PMC/PIU (RVNL) be issued by Corporate Office.

Status regarding implementation of system improvement suggested: - Matter under consideration by ED/Planning/CO/RVNL

9.    System Improvement suggested:- During an investigation related to joint surprise check by CBI & Vigilance on one of the projects, it was observed that one of the RVNL’s contractor borrowed material from Railway without bringing it to the knowledge of PIU and claimed payment for supply of such borrowed material. In this regard, system improvement was suggested for implementation as mentioned below:

•    RVNL corporate office has issued a policy letter dictate 23.07.2019 with regard to borrowing of materials from the PI Us/ Railways. The letter, however, contains detailed provision with respect to taking of material on loan from other PIUs and doesn’t give any details/procedure to be followed for taking material on loan from the Railways. The policy regarding disposal of surplus material dated 20.07.2016 (Procedure order for Management of Projects Materials including Disposal of Surplus Materials), however, gives procedure for transfer of excess materials to railways in details. Detailed provisions including the procedure to be followed by the PIUs should be made with respect to taking of material on loan from the Railways in case of exigency.

•    Reconciliation of all such material may be done periodically (time period to be specified) within the PIU and also with the concerned Zonal Railway.

Status regarding implementation of system improvement suggested: - System improvement issued by ED/Planning through letter No. ED/Genl/117 dated 24.03.2023.

Disposal of complaints/investigations:

During the FY 2022-23, out of seventy-three (73) complaints (other than PIDPI), total sixty-one (61) complaints were promptly disposed, while twelve (12) complaints were pending for miscellaneous reason i.e. genuineness verification, forwarding to other organizations etc.

Further, five (05) PIDPI complaints (I&R) were pending from previous period and additionally one (01) PIDPI complaint was received during the FY 2022-23. Out of six (06) PIDPI complaints (I&R), detailed investigation report was submitted to the Commission in five (05) cases while in one (01) case, investigation was underway till 31.03.2023.

Further, two (02) PIDPI complaints (for Necessary Action) were pending from previous period and NIL received during the FY 2022-23. Out of two (02) PIDPI complaints (NA), detailed investigation report in one case was submitted to the Railway Board in November 2022, but advice from Commission was awaited, while investigation in second case is still underway.

Complaints, Audit Reports, Inspection reports of Works / procurement etc. taken up for investigation:

Twenty (20) complaint cases under investigation were pending from previous period and additionally four (04) cases were taken for detailed investigation in the FY 2022-23. Out of twenty-four (24) cases, investigation was completed in ten (10) cases while in fourteen (14) cases, investigation was still underway till 31.03.2023.

Periodic Reports to CVC/Railway Board:

The status of various matters namely inspections, complaints, disciplinary cases and miscellaneous matters were 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.

Preventive Checks/Surprise Inspections/ CTE Type Inspections:

Due to situation arising out of COVID-19 in preceding years and due to acute shortage of Vigilance officials for more than half of the year 2022, the initial emphasis was on clearing the pendency of complaints arising out of CVC/RB reference, PIDPI complaints, CA-III complaints etc. Besides above, Vigilance paras arising out of the inspections/checks done earlier were also followed up rigorously for taking the cases to logical conclusion. Despite of shortage of Vigilance officials, three (03) CTE type checks were also conducted during the FY 2022-23.

CTE Inspection:

RVNL Vigilance facilitates intensive examination by the Chief Technical Examiner Organization of Central Vigilance Commission (CVC). In reference to the previous observations of CTE/CVC, the replies on all old pending paras for CTE inspections prior to 2021 were furnished by RVNL Vigilance to the Commission and now, no old CTE/CVC paras are pending for reply/closure by CTE/CVC, except offew CTE paras related with Jarola- Jakhapura Doubling Project (Package-1, Jaroli-Basantpur, CTE inspection-2020) and Raebareli- AmethiSection Doubling Work (CTE inspection-2021). During the period, replies of CTEs paras of Raebareli- Amethi Section Doubling Works were furnished by RVNL Vigilance and thereafter seven (07)paras got closed by CTE/CVC.

In the FY 2022-23, CTE/CVC took three (03) contracts of Rajpura- Bhatinda Doubling Project (PKG-01, PKG-02 & PKG-03) for Intensive Examination which was facilitated by RVNL Vigilance.

Recovery in the financial year on advice of RVNL Vigilance:

During the FY 2022-23, based on observations/advice of CTE/CVC/RVNL Vigilance, Rs. 7.63 Crores were recovered from the firms engaged in execution of RVNL Projects.

Disciplinary Action:

1.    During the period, in relation to a DAR case arising out of vigilance investigation, as per advice of CVC/RB, major penalty was imposed on one regular employee.

2.    Further, in relation to an investigation case by Zonal Railway Vigilance (CORE Vigilance), Major Penalty Disciplinary Proceedings against one officer were initiated by Zonal Railway Vigilance.

Vigilance Awareness Week:

Under the advice and guidance of Central Vigilance Commission, this year Vigilance Awareness Week was observed from 31st October to 6th November 2022 with the following theme:

"Corruption free India for a developed nation”

RVNL Vigilance conducted various activities like taking Integrity Pledge, Workshop on “Importance of Preventive Vigilance”, Slogan Competition on Corruption free India for a Developed Nation”, Quiz for generation awareness in its employees, NukkadNatak etc. on the occasion of Vigilance Awareness Week-2022. There was vide participation through on-line and offline mode.

•    The officials and staff of RVNL in Corporate Office as well as in all its project implementation units (PIUs) were administered Integrity Pledge on 31.10.2022. The employees were also informed about the E-pledge available on the CVC website. A hyperlink for the E-pledge was provided on RVNL website also.

•    A NukkadNatak by Railway officials of Delhi Division was organized in the premises of August Kranti Bhawan.

•    Workshop/seminar on the topic “Importance of Preventive Vigilance” was organized in the conference hall of Corporate Office and officials of all PIUs also participated through video link. Shri. Ramesh Chandra, Ex-CTE/CVC was the main speaker during the workshop/seminar.

•    An online/offline Quiz was organized for generating awareness of vigilance matters among the employees.

•    Slogan competition was also organized on the occasion of Vigilance Awareness Week-2022.

•    As mandated by CVC, RVNL Vigilance also organized 3-month long campaign (16th August, 2022 to 15th November, 2022) of Preventive Vigilance measures cum housekeeping activities - as a precursor to Vigilance Awareness Week-2022. Various activities covered under the campaign were:

a.    PropertyManagement;

b.    Management ofAssets:

c.    Record Management;

d.    Technological Initiatives comprising toparameters;

i.    Website Maintenance & Updation;

ii.    Identification of new areas for service delivery or customers/staff to be brought on online portal and initiation of steps for creating online platform;

e.    Updation of guidelines/ circulars/ manuals wherever found necessary, and

f.    Disposal of complaints outstanding as 15/08/2022.

• Active participation of all concerned departments of RVNL was also ensured.

Vigilance Status/Profile:

During the FY 2022-23, approx. 487 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.

7. Memorandum of Understanding

The Company secured a rating of “Excellent” by Department of Public Enterprises for the year 202122 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 twelfth consecutive year for which the Company has been rated as“Excellent”.

In 2022-23, the Company was also able to meet the targets for all financial, enterprise specific and other parameters set in the MoU for 2022-23. Company has achieved 119 km of New Line against the target of 109 km & 925 km was achieved against target of 891 km of Doubling set in MoU 2022-23. Accordingly, the Company is expecting to achieve an “Excellent” rating for 2022-23 as well.

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 affect 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.

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 (Projects) with all functional Directors as members, one Independent Director 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.

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 1104.59 Cr. could be achieved.

b)    A new website of RVNL has been launched in this year 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.

d)    The pay packages of contract employees has been improved to make it more attractive to aspirants and to retain talented and experienced staff.

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 F. Y. 2022-23 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 per 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 25% annual procurement, a subtarget of 4% & 3% should be from MSEs owned by SC/ ST and Women entrepreneurs respectively.

Rail Vikas Nigam Ltd. (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 Shri Vivek Kumar, General Manager/P&CC/CO has been nominated as the Grievance Officer for seamless implementation of the MSE policy in RVNL. Contact details of these officers are uploaded on RVNL website.

Annual Procurement Plan for purchases from MSEs during the year 2022-23 was made available on RVNL website for information of MSEs and to help them participate in procurement of goods and services.

In the year 2022-23, RVNL procured goods and services amounting to a total of Rs. 43.36 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 of Rs. 18.12 crores i.e 41.78% of the total procurement. Thus, RVNL has fully complied with the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012.

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 has now tied up Make My Trip (MMT) for providing online travel bookings for RVNL employees. It provides employees a hassle free cashless booking facility at low and fixed rates, with priority check in, special rates for hotels etc.

RVNL Corporate Office and all Project Units have migrated to the e-Office developed by National Informatics Centre (NIC) under the National E-Governance Plan, furthering the paperless e-Office online file management for RVNL business and moving towards seamless coordination with Ministry in future. Alongside, an e-Notice Board has been provided to employees on the e-Office for publishing and discovery of Official Announcements, Office Notes, Procedure Orders, Office Orders and Circulars.

E-APAR/IPR portal has been launched for completing automating performance appraisal and IPR declaration of all categories of RVNL employees, doing away with the previously partially manual system.

Sampark RVNL service - an employee engagement platform with mobile-first approach, was launched for employee grievance resolution, with special focus on enabling field staff to conveniently log their

issues over mobile devices. The pilot was welcome by employees and the system was further upgraded to allow internal workflows for resolution and user request status tracking.

The corporate website of RVNL has been completely revamped. Along with new branding experience, a host of user-friendly features has been made available to all stakeholders. The website is brand aligned, to help increase recall value of the company. Special focus has been given to Projects, ongoing as well as completed.

A new feature is also added to the website i.e., voice interactive Chat Box name “RaVi” who derive its name from Rail Vikas. it helps the website visitors to access the information in user-friendly way.

RVNL also in-house developed a digital toolset CDMMS (Construction Drawing Management and Monitoring system) for management of drawings and monitoring the status of work execution, by engineers and construction professionals. The system was successfully piloted for Noapara-Dakshineswar corridor of Kolkata Metro and presented to CCRS/ NR and further advancement in the system is being carried out.

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.

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.

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) and Director (Finance) have been designated as CEO and CFO, respectively.

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 notification No. F.No.1/2/2014-CL. V dated 5.6.2015 issued by Ministry of Corporate Affairs, 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. Ministry of Corporate Affairs (MCA) vide General Circular dated 5th June, 2015 has exempted Government Companies from the provisions of 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 Sanjeeb Kumar, (DIN: 03383641), Director (Finance) & CFO, being longest in office, are liable to retire by rotation and being eligible, offer himself for reappointment. The details of Director seeking reappointment 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, Nine (9) Board Meetings were held in the F.Y. 2022-23. 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 aegarding 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 2022-23, the tenure of one Independent Director (Major General (Retd.) Cyrus A.Pithawalla) completed on 10.07.2022 and one Independent Director (Mr. Sreenivasa Murthy Rangaiah) has resigned on 03.08.2022 due to personal reason.However, the present two Independent Director has wide experience in his field 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 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.

17. Auditors

Statutory Auditor

The Comptroller & Auditor General of India has appointed M/s V.K. Dhingra & Co., Chartered Accountants as Statutory Auditors of the Company for the year ended 31st March, 2023. 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 2022-23. 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 31st March, 2023 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 31st March, 2023 along with management reply also forms part of this report.

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 01.04.2022 to 31.03.2023 and date of signing of this Report.

23.    Cost Records

The provisions of section 148 of the Companies Act, 2013 was not applicable during period under review.

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

At the outset, the Company would also like to place on record and express their appreciation of the special contribution of Mr. Ajay Kumar, Director (Personnel) who demitted office on 31st January, 2023. During his tenure as a Director of your Company, he has made significant contribution in the growth & development of the company. Company has benefitted immensely from his vast experience and knowledge.

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, 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.

For and on behalf of Board of Directors

Sd/-

(Pradeep Gaur)

Place: New Delhi Chairman & Managing Director Date: Aug 12, 2023    DIN: 07243986