Jupiter Wagons, Italy’s Lucchini RS Partner To Build Railwheel MFG Platform in India

Kolkata: Jupiter Wagons Ltd on Tuesday said it has entered into a strategic partnership with Italy’s Lucchini RS Holding SpA to develop an integrated railwheel manufacturing platform.

Under the agreement, Lucchini RS will acquire a 15 per cent stake in Jupiter Tatravagonka Railwheel Factory Pvt Ltd (JTRWF), while Italian government-backed financial institution SIMEST SpA will acquire another 10 per cent stake, a statement said.

The combined 25 per cent stake is valued at about 28 million euros (about Rs 307 crore), it said.

The partnership aims to manufacture railway wheels, axles and wheelsets across the entire value chain, from raw material processing to finished products, it said.

JTRWF’s existing facility at Chhatrapati Sambhajinagar will be integrated with a greenfield manufacturing complex being developed in Odisha, which will house forging, metallurgy and wheel manufacturing facilities, it added.

Jupiter Wagons MD Vivek Lohia said, “This partnership marks a defining milestone in our vision of building a globally competitive railwheel manufacturing ecosystem in India and will strengthen the country’s self-reliance in critical railway components..

Lucchini RS chairman Giuseppe Lucchini said the partnership will enable it to establish a structured presence in the Indian market.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)