Salasar Techno Engineering holds 51% stake in the joint venture company and the remaining 49% share will be held by Rail Vikas Nigam (RVNL).
The project is to be completed in 18 months and the cost of the project is $7.152 million which is equivalent to Rs 59.62 crore.
Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India. It provides 360-degree solutions by carrying out engineering, designing, fabrication, galvanization and deployment.
Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc.
Shares of Salasar technologies fell 0.35% to end at Rs 20.01 while RVNL closed 1.15% lower at Rs 252.95 on the BSE.