RVNL refutes media report on proposed merger with IRCON

New Delhi: Rail Vikas Nigam Limited (RVNL) on Friday clarified that it has not received any communication from the Ministry of Railways regarding any proposal to merge the company with IRCON International Limited, dismissing recent media speculation on the matter.

Follow The PSUWatch Channel on WhatsApp

In a regulatory filing to the stock exchanges, the railway PSU said that it was responding to a query related to a news report published by NDTV Profit titled “Ministry of Railways Proposes Merger of IRCON And RVNL As Shares Surge.”

Follow PSU Watch on LinkedIN

The company stated that it has not received any intimation or communication from the Railways Ministry or any other authority regarding such a merger.

Responding to the exchanges’ queries, RVNL said no negotiations regarding a merger with IRCON were taking place. It also clarified that the company is not aware of any undisclosed information that could explain the recent movement in its share price.

“The company has not received any intimation/communication from Ministry of Railways or any other authority regarding merger of IRCON and RVNL,” the filing said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)