In 2022, it was announced that Rail Vikas Nigam (RVNL), recognized as Navratna and the construction arm of the Ministry of Railways, had been appointed as the project implementation agency for the UTF (Uthuru Thila Falhu-Island) port project in Maldives. This crucial project was commissioned by the Union Ministry of External Affairs. The project, estimated to cost Rs 15.44 billion, should be completed within a span of 24 months.

As two years passed, and amid ongoing tensions between the Maldives and India, the project became? among the first bids that RVNL received? yielded profit margins of about 11 percent.

RVNL has since set its sights on expanding its presence abroad, particularly in West Asia, Africa and neighboring regions. Senior officials announced plans to explore partnerships with Botswana Railways and the Namibia Trans Kalahari project for further expansion, as reported. Reportedly, revenues and profit margins from projects acquired through bidding exceed revenues and profit margins obtained through nomination.

During a recent earnings call, the company's management disclosed, "The original project in India, which was secured through a bid, was the Indore Metro project. Similarly, the first international project, which was secured through a bid was carried out, took place in the Maldives... Profit margins on the Maldives project stood at 11 percent, compared to 10.66 percent for the Indore project. The combined turnover of these ventures was Rs 9.86 billion, approximately 45 percent of the Rs 22.55 billion turnover from procurement projects."

Senior officials indicated that the company has a 20 percent success rate in bids to win. RVNL has already submitted bids internationally, targeting neighboring countries such as Bangladesh, Nepal and Sri Lanka, as well as countries in West Asia, including the UAE, Oman, Uzbekistan and Saudi Arabia, in addition to Rwanda in Africa.

"We are actively seeking to expand our presence. Expressions of interest have been submitted to Botswana Railways and the Namibia Trans Kalahari project team," a senior official said. International offices are located in South Africa, Oman, the UAE and the Maldives.

RVNL aims to expand its presence beyond railway infrastructure and similar projects.