Ramkrishna Titagarh Rail has been incorporated for the manufacturing and supply of forged wheels under long term agreement under Aatma Nirbhar Bharat, said the company.

Both the companies will hold equal stake i.e. 50% each in the total paid-up share capital of the new company.

The equity shares of Ramkrishna Titagarh Rail Wheels are subscribed at par by Ramkrishna Forgings and Titagarh Rail Systems.

Titagarh Wagons is the largest private sector manufacturer of railway coaches (EMUs, MEMUs) and the largest wagon maker (other than railways). Shares of Titagarh Wagons were down 0.20% to Rs 415.50 on the BSE.

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 forging firm's consolidated net profit decilned 18.4% to Rs 68.45 crore despite of 24% jump in net sales to Rs 891.64 crore in Q4 FY23 over Q4 FY22.