TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding Outcome of Board Meeting held on March 19, 2026. for formation of Joint Venture Company with Bharat Heavy Electricals Limited and others
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On March 19, 2026, Titagarh Rail Systems' board approved forming a Joint Venture Company with Bharat Heavy Electricals Limited (BHEL) as a special purpose vehicle. The JV will handle maintenance of Vande Bharat trains supplied by the existing TRSL-BHEL consortium under a Manufacturing-cum-Maintenance Agreement with the Ministry of Railways, aligned with the Make-in-India and Atma Nirbhar Bharat programs. Vice Chairman and MD Umesh Chowdhary has been authorised to finalise and sign the Joint Venture Agreement, subject to regulatory approvals. Separately, the board also approved a corporate guarantee in favour of ONGC for its wholly owned subsidiary Titagarh Naval Systems Limited to enable bidding in an ONGC tender. The guarantee is on an arm's length basis with no promoter interest, and the company states there is no current impact on itself.
The JV with BHEL strengthens Titagarh's long-term involvement in the prestigious Vande Bharat maintenance programme, providing a recurring revenue stream beyond train manufacturing. The ONGC guarantee supports growth opportunities for its defence/naval subsidiary, with limited financial risk flagged for now.