BHEL, Titagarh Rail Systems form JV for Vande Bharat sleeper train maintenance for 35 years; shares trade lower

Under the agreement, BHEL and Titagarh Rail will each nominate two directors to the board of the JVC.

“The JVC shall leverage the joint technical strength of both promoter companies for ensuring the operational readiness, safety and reliability of the trainsets for their entire 35-year service life,” BHEL said.

Meanwhile, Titagarh Rail Systems said that the joint venture is also expected to facilitate technical collaboration, operational synergies and efficient lifecycle management of the Vande Bharat Trainsets, while supporting the long-term objectives of Indian Railways for modern, reliable and high-quality passenger transportation.

Titagarh further said the JVC will issue fully paid-up equity shares with a face value of ₹10 each at par, in the ratio of the shareholding of the parties, upon or after incorporation of the JVC.

Titagarh Rail Systems Ltd is a Kolkata-based manufacturer of passenger coaches, freight wagons, metro coaches, components, and ships. Titagarh, earlier known as Titagarh Wagons Ltd, is a leading player in the Indian rail manufacturing sector.

Share price trends

At 10:08 AM, BHEL shares were seen at ₹408.75 apiece on the National Stock Exchange, declining 0.99%, while Titagarh Rail Systems were trading 2.41% lower at ₹791.90 apiece.

So far in 2026, BHEL shares have gained 42%. Titagarh Rail Systems shares have declined 8% during the same period.

According to NSE data, as of September 15, 2026, BHEL and Titagarh Rail Systems have a total market capitalisation of ₹1.44 lakh crore and ₹10,928.10 crore, respectively.