BHEL and Titagarh Rail will each hold a 50% stake in the joint venture company, which is yet to be incorporated.
The agreement was signed on September 15 and follows an earlier communication dated March 19, 2026.
The joint venture will be incorporated as a private limited company with an initial paid-up share capital of ₹50 lakh. Its registered office will be in Delhi, and BHEL and Titagarh Rail will each nominate two directors to its board.
BHEL said the venture will combine the technical capabilities of both companies to ensure the operational readiness, safety and reliability of the trainsets throughout their 35-year service life.
The company clarified that the arrangement does not constitute a related-party transaction and that neither BHEL’s promoters nor promoter-group companies have any interest in the joint venture.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.The filing was signed by Miriam Vandana, senior manager and company secretary at BHEL.
