The wheels manufactured under this agreement will cater to the requirements of multiple platforms, such as the LHB coaches, WAG9 Locomotives, Vande Bharat Express Trains, etc.

The RKFL-TRSL consortium will be establishing manufacturing facility to manufacture these forged wheels, with total annual production targeted at 2,00,000 wheels when fully operational. Not only will this facility address the demands of the domestic railway sector, but also help the consortium address the latent demand from the private sector as well as export markets.

The successful execution of this project will require a capital expenditure ranging from Rs 1,000 to Rs 1,200 crore. To meet this financial requirement, both companies will contribute equity on an equal basis, ensuring a robust funding structure to support the project's capital expenditure needs.

Commenting on this momentous occasion for Ramkrishna Forgings (RKFL), managing director Naresh Jalan, said, "We are honored to have been selected by the Ministry of Railways for this extraordinary undertaking. This project stands as a testament to our unwavering dedication to promoting indigenous manufacturing and fostering self-reliance. By harnessing our collective capabilities and wealth of experience, we are steadfast in our commitment to deliver unparalleled products that will significantly enhance the performance and safety of the Indian rail network. With a resolute vision to contribute to the growth of the Indian railways and cultivate self-sufficiency, our consortium eagerly anticipates establishing a long-term partnership with the Ministry of Railways."

Umesh Chowdhary, vice chairman & managing director, Titagarh Rail Systems (TRSL), said, "We are delighted to have been awarded this landmark contract and are gunning to commence production at the earliest. As a partner in the winning consortium, with this contract, the Titagarh group is staying true to its motto of providing quality mobility solutions and strives to cement its status as a world-class service provider for the infrastructure sector."

Separately, the Bharat Heavy Electricals (BHEL) and Titagarh Rail Systems (TRSL) signed a contract for manufacturing and supply of 80 fully assembled Vande Bharat sleeper train sets by 2029 and their maintenance for 35 years.

The final assembly, testing and commissioning of the Vande Bharat sleeper trains will be done at the Indian Railway's facilities in Chennai. There will be 16 coaches in each train, with an approximate capacity to accommodate more than 880 passengers in total. The trains will be running upto speeds of 160 kilometres per hour (kmph).

Titagarh Wagons is the largest private sector manufacturer of railway coaches (EMUs, MEMUs) and the largest wagon maker (other than railways).

Ramkrishna Forgings manufactures forged products. The company is suppliers to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India & overseas markets.

The Shares of Titagarh Wagons advanced 2.47% to Rs 426.50 and Ramkrishna Forgings rallied 5.28% to Rs 430.05 on the BSE.